Dominium Announces the Acquisition of The Springs at Dripping Springs

Property News

Affordable housing developer will construct 144 additional affordable units along with a $3 million rehabilitation of the property

Dominium, a leading national affordable housing owner, developer and manager, announced today the closing of a deal to acquire The Springs Apartments in Dripping Springs, Texas.

Located just 10-minutes from downtown Dripping Springs, The Springs consists of one-, two- and three-bedroom apartment homes available to working families making no more than 60% of the Area Median Income (AMI).

The Springs was built in 2001 using the Section 42 Low-Income Housing Tax Credit program (LIHTC), contributing 76 affordable apartment homes to the Austin metro area. Dominium plans to make use of the same program to resyndicate The Springs, renewing the community’s affordable housing status while conducting a $3 million rehabilitation of the property and constructing 144 new affordable units.

Nationwide, LIHTC is the largest source of funding support for both the construction of new affordable housing, and maintenance of existing affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at below-market rates designed so that households making 60% of the Area Median Income pay no more than 30% of their incomes towards housing.

Dominium would like to thank its development partners Merchants Bank of Indiana, Winthrop & Weinstine, Commercial Partners Title, and Locke Lord for their support without which this project would not be possible.