Mary Lee Community purchased this 22-unit apartment complex with HOME funds and a loan from the Federal Home Loan Bank. A loan was approved by the Austin Housing Finance Corporation to rehabilitate the twenty-two units and to connect the two buildings with eight new efficiency units. Special emphasis is given to offer housing to persons with special needs, single mothers with young children and the disabled. Occupancy is not exclusive to these groups and is part of the larger Mary Lee Community which surrounds it.
This project has received some funding from a participating jurisdiction (local or state government agency) through the HUD HOME Investments Partnerships Program (HOME). In projects with five or more HOME-assisted units, at least 20% of these units must be occupied by families earning 50% or less of area median income (AMI). All other HOME-assisted units must be occupied by families earning 80% or less of AMI, but in practice most are reserved for families earning 60% or less AMI. Maximum monthly rent is capped with a Low HOME Rent for <50% AMI units and a High HOME Rent for the remaining HOME-assisted units. Contact the property directly for the specific dollar amount of these rent caps.
Cornerstone is managed by Mary Lee Foundation .