Austin Approves $864K Incentive for Waverly North Affordable Project

Austin City Council on October 22 approved an economic development agreement with Waverly North, LLC worth up to $864,210 over 10 years. The money comes through the city's Place-Based Enhancement program. It offsets the cost of providing and maintaining nonprofit office space at Waverly North, an affordable housing development at 3710 Cedar Street in the North University neighborhood.

The space will go at no cost to the Housing Support Services Alliance. The nonprofit will use it for eviction prevention, case management and related services for residents of Waverly North and nearby properties. Payments depend on annual appropriations and performance checks.

Waverly North, from O-SDA Industries, will have 76 apartments in three buildings: 10 studios, 28 one-bedrooms, 29 two-bedrooms and 9 three-bedrooms. All are affordable at 30% to 80% of area median income. The project preserves and adapts two original 1907 buildings and adds one new building.

The Austin Housing Finance Corporation board awarded the project $5.5 million in September 2025. The developer estimates opening in winter 2028.