Safehold Inc. has closed a ground lease to back the new affordable housing community in Austin. The Low-Income Tax Credit (LIHTC) development is set to deliver 348 housing units. Developed by The NRP Group, it is expected to be delivered in 2028.
New 348-Unit Affordable Housing Development Planned in Austin
Founder and leader of the modern ground lease industry, Safehold Inc., has completed its ground lease to develop a 348-unit housing project, according to PRNewswire.
“We’re thrilled to establish a relationship with the team at NRP, and to break into the Affordable Housing market in Texas,” said Steve Wylder, Safehold’s Head of Investments.
“As we continue to expand our Affordable Housing business, we are positioning our low-cost ground lease capital as an innovative new tool to help developers fill capital structure gaps and move projects forward,” he continued.
Scheduled for delivery in 2028, the LIHTC project will be developed by The NRP Group, known for its extensive affordable housing portfolio across the U.S.
Safehold Marks 20th LIHTC Ground Lease with Austin Project
Located in Southeast Austin, the project sits in a high-growth market, as per PRNewswire. The project will provide long-term rental options in a high-demand Austin housing market. The transaction is Safehold’s 20th ground lease in the LIHTC sector.
“This transaction represents our 20th ground lease in the LIHTC sector, facilitating the development of over 3,100 Affordable units,” Wylder said.
“We’re encouraged by the strong demand for our capital and intend to continue growing our presence in the Texas market and throughout the U.S,” Wylder added. To grow its presence in the sector, Safehold established a dedicated Affordable Housing team in 2025.
About Safehold Inc. and The NRP Group
Safehold Inc. offers a new way for owners to tap into the value of the land beneath their buildings. The company created the ground lease industry in 2017 and has been helping owners of multi-family, office, residential, hospitality, and industrial properties generate higher returns with less risk.
The NRP Group develops and manages multi-family housing, creating rental communities for residents across income levels.
Founded in 1994, the firm has built over 62,000 apartment homes and is managing more than 30,000 residential units. The Austin development highlights Safehold’s expansion of its affordable housing portfolio while supporting new projects in growing markets.
