Construction kicks off on Austin's Iris Gardens

Zoom in: Located on Montopolis Drive, the 150-unit Iris Gardens will offer one- and two-bedroom apartments to households at 30% to 60% of the area median income, with an age requirement of at least 55 for residents qualifying for senior living.

• A single person in greater Austin earning 30% of median income makes about $28,150 annually.
• A community room, fitness center and laundry areas are folded into the building's design.
• Programming will include employment assistance, financial literacy initiatives and health classes — as well as Rainbow Connections, a program focused on promoting the well-being in the LGBTQIA+ community.

What they're saying: Developed through a partnership between local nonprofit Family Eldercare and developer Vecino Group, the building is meant to provide opportunities for people who often face barriers to securing affordable housing.

• Iris Gardens "is an important step in addressing the need for a safe and inclusive place to call home," Mandy DeMayo, interim director for Austin Housing Department, said in a statement.

Follow the money: Iris Gardens is forecast to cost $50 million to build, per city officials.

• Money will come through an $8 million loan from the Austin Housing Finance Corp. and about $4.5 million in federal money from Travis County. Real estate firm Redstone Equity and Citi Bank are also involved in the financing.

What's next: Construction of Iris Gardens is slated for completion in late spring 2027.