Dominium to Resyndicate Capitol Crossing with $11.3 Million Renovation

Property News

The 240-unit property will remain in Austin’s affordable housing pool with upgraded appliances and amenities

Dominium, a leading affordable housing owner, developer and manager announced today the resyndication of Capitol Crossing, formerly Woodway Square. Dominium will renew the property’s affordable housing status while beginning an $11.3 million rehabilitation of the property.

Constructed in 2003, Capitol Crossing was initially financed through the 4% Low-Income Housing Tax Credit program (LIHTC). The property provides 240 units of high-quality affordable housing to low-income families in Austin. Dominium acquired the property in August 2021, taking over operation and management responsibilities.

Nationwide, LIHTC is the largest source of support for the construction and maintenance of affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at levels tied to the Area Median Income (AMI). Construction of LIHTC properties has a positive effect on the local housing market through the simple fact of increasing the supply of affordable housing.

Renovations conducted by Dominium Construction and Architectural Services and Legacy Construction LLC will include an extensive remodel of the club house and site amenities, and upgraded unit HVAC systems, kitchen cabinets and appliances, bathroom vanities and laundry machines.

Dominion would like to thank Key Bank and the Key Community Development Corporation for providing the key financing structure for this project, along with development partners Winthrop & Weinstine, Loucks, Braun Intertec, Ebersoldt and Associates, Colliers International and Stewart Title as well as the Texas Department of Housing and Community Affairs, the Texas Bond Review Board and the Austin Housing Finance Corporation. Their support and assistance made this project possible.