Anyone Developing or Building Affordable Housing in Austin?

[Jarrod Covey]

Underwriting a lot/teardown in Central Austin that as of 2008 has Corridor Mixed Use zoning allowing for 95% impervious, a three story build, and 40 feet in height.

Reading further into the Ordinance - the development bonus for building Affordable Housing, which needs to equate to 25% of the development, is an additional 20 feet in height for a total build of 60 feet in height.

This opportunity puts a much higher ceiling on the exit number with condos in the area selling at a median of $352/sq ft. 

Has or is anyone in Austin undertaking similar development projects?