Part of the deal with the city for chairman and CEO Anthony Precourt to get Austin FC to town was a substantial investment in affordable housing. Precourt took the first step towards that goal last week.
The club formed the 4ATX Foundation as its philanthropic arm and presented Foundation Communities with a $500,000 check to help build new affordable housing on the north side of the city.
“A soccer club is a community asset, and our job is to be a good citizen of the community and give back,” Precourt said. “We’re excited to do that.”
In addition to the 4ATX Foundation, representatives from Wells Fargo and JPMorgan Chase — which was the first investor with a $350,000 contribution — were on hand to celebrate the groundbreaking.
“We know that it takes more than just a roof over your head to solve many of the issues our residents are facing,” said Walter Moreau, executive director of Foundation Communities, “We also provide crucial support services, including mental and physical health counseling, educational programs and financial stability tools to help transform their lives.”
This will be the 25th affordable housing development that Foundation Communities has done in Austin, and this structure will include 132 residents with low income, veterans and individuals with disabilities.
The property is located along MoPac Expressway near Parmer Ln. and residents are expected to begin moving in around Fall 2020.
“We want to give back to our City, and this is an extremely important issue,” Precourt said. “Walter is the best and has a tremendous track record and the Waterloo project is an exciting new development to be a part of.”
This donation from 4ATX fulfills the first community benefit requirement between the City of Austin and PSV, and the club is required to give $125,000 per year towards affordable housing commencing when the stadium opens, according to the term sheet.
The agreement also allows for a third party to construct 130 affordable housing units on site at the stadium near McKalla Place.
“You said that you were coming home here and becoming a part of this community, and you have delivered on what you said,” Austin Mayor Steve Adler said of the 4ATX donation. “This kind of project is of the highest priority that our City has set.”
This is the seventh affordable housing community the City of Austin has partnered with Foundation Communities to help build, and more than 6,000 residents are living in those buildings.
“We’re proud to say the 4ATX Foundation is making its first contribution to Austin and its residents and focusing on the cultural vibrancy and health of the city,” Precourt said.