The Austin nonprofit has a plan to build eight affordable housing communities.
The construction will cost about $272 million.
Foundation Communities says it has already secure 90% of the funding from donors including Major League Soccer club Austin FC as well as the City of Austin. But it made a public plea this week to find the final $30 million that is needed.
"88 apartments, we had almost 10 applicants for every available apartment, which just shows what the demand is. I think to me if we want Austin to be an inclusive community, stay diverse if we want to keep our creative edge or weirdness, we've got to build more affordable housing," said Walter Moreau, Foundation Communities Executive Director.
The affordable housing complexes will use a supportive housing model where residents will have access to on-site case management and health services, among other programs.