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Aug. 30, 2013

LDG Development Breaks Ground on $21M Affordable Austin Community

By Jessica Fiur, News Editor

Austin, Texas—LDG Development announced the ground breaking of a new 228-unit affordable community in Austin, Texas. The $21 million community, called The Paddock at Norwood, will be open to families earning 60 percent of the area’s median income.

The Paddock at Norwood, which will be built on 12 acres of land, will include one-, two- and three-bedroom garden-style apartments. The units will feature Energy Star appliances, including a washer and dryer, dishwasher, refrigerator, stove and microwave. Rents will start at $755.

Amenities for the communities will include a clubhouse, business center with free Wi-Fi, a fitness center and an outdoor area with a gazebo, playground, picnic benches and grills.

LDG Development received housing tax credits from the Texas Department of Housing and Community affairs. First Sterling provided equity investment, and Citibank provided construction and permanent lending.

“We are thrilled to provide 228 beautiful new apartments poised to open this May,” Chris Dischinger, principal, LDG Development, tells MHN. “The Paddock at Norwood is the first affordable housing community built in North Austin’s 78753 zip code using housing tax credits in over a decade. The amenities are state-of-the-art and The Paddock is very convenient to area schools, shopping and neighborhood parks.”

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