Foundation Communities*

Austin, TX

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.

This institution is an equal opportunity provider.


Quick Facts 

Square Footage: 75,242 SF

Total Project Cost: $20,491,676

Developer/Owner/Leverage Lender: Foundation Communities, Inc.

Allocatees: MBS Urban Initiatives CDE and PeopleFund

NMTC Equity Investor: US Bank CDC

Architect: GSC Architects

Projected Construction Jobs: 120 FTEs

Projected Permanent Jobs: 158 retained FTEs, 254 created FTEs

Community Partners: City of Austin, Austin Community College, Texas State University, IRS VITA, Greater Texas Federal Credit Union, University Federal Credit Union, Communities In Schools (tenant)