Cornerstone

1322 Lamar Square Dr, Austin, TX 78704

Waiting List Forecast: Likely Short or None

check_circleVerified for 2019 by Colleen Carter, Ric Gresia

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Waitlist Forecast

Since this property is a HOME program property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.

Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.

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.

Dave's Thoughts On Cornerstone

Because Cornerstone participates in HUD's HOME program for rental housing, at least some of the units in this property are set aside for households at or below 60% of the AMI and rents are capped at the local FMR and in many cases much lower. For a project of this size, some of the units are set aside for households at or below 50% AMI with a corresponding lower rent cap. As this property appears not to have a project-based subsidy or any other Federal assistance, you likely will have to pay your own rent, albeit, at a lower rent amount thanks to the HOME program. Since this property participates in the HOME program, the property is required to accept Section 8 Housing Choice Vouchers.

~ Dave Layfield, Founder of Affordable Housing Online

FAQs for Cornerstone

Does Cornerstone have a waiting list?

Cornerstone probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.

Are rents subsidized at Cornerstone?

We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.

What property management company manges Cornerstone?

Cornerstone is managed by Mary Lee Foundation headquartered in Austin, Texas.

In addition to Cornerstone, how many other affordable housing properties (and units) are there in Austin?

In addition to Cornerstone, we list 533 other affordable properties in Austin. Learn about these properties here. Our data research shows that there are a total of 30022 affordable units in Austin.