Construction kicks off on Austin's Iris Gardens

Axios

26-06-2025

An affordable senior living complex kicked off construction in southeast Austin this week.
Why it matters: Amid Austin's housing affordability crisis, the new complex, known as Iris Gardens, is geared toward older people on fixed incomes.
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.