In the early 1980s, a group of University of Texas students created a local housing program for low-income families that would later turn into Foundation Communities (FC)—a local, homegrown non-profit dedicated to providing affordable, attractive homes and free on-site support services for thousands of families with kids, as well as veterans, seniors, and individuals with disabilities
FC outgrew its current headquarters and Community Financial Center in south Austin. To resolve that problem, FC acquired Mission Plaza, totaling 75,242 square feet. With the help of NMTCs, FC is renovating the four-story building and will take over at least one full floor as the nonprofit’s new headquarters. The remaining space in the four-story building will be leased to other non-profits and various other office users to create a services hub for low-income residents of Austin.
In order to purchase the buildings, FC exhausted grant sources, conventional debt sources, and fundraising. Without NMTC financing, FC would not be able to make the necessary improvements to the buildings, limiting the functionality of the spaces. The new facility will expand existing services including tax preparation, health insurance enrollment, college support services, financial coaching, money management, and special savings programs. In addition, the new space will allow the development team to hire additional staff, which will double FC’s annual affordable housing production.