Hunt Capital Partners (HCP), SGI Ventures, Inc., the Housing Authority of the City of Austin and its subsidiary, Austin Affordable Housing Corporation (AAHC), announced the closing of $16.5 million in LIHTC to finance the construction of Cady Lofts. The new development is a permanent supportive housing (PSH) property comprising of 100 studio homes intended to expand the supply of affordable housing for low-income households in Austin. The homes are available for people earning between 30 to 60 percent of the area median income (AMI) and set aside for persons who are experiencing homelessness; have physical, intellectual and/or developmental disabilities; or recovering from substance addictions. Residents will receive Project-Based Vouchers from the Housing Authority of the City of Austin (HACA) and the City of Austin, under two separate HAP contracts. Under the first, 75 residents will receive a voucher through a 20-year Project-Based Section 8 HAP contract with HACA. Under the second contract, the remaining 25 residents will receive a rental subsidy from the City of Austin through a 15-year, Project-Based Local HAP contract.