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AUSTIN-Dirt is flying on a 176-unit apartment complex for people 55 years and older in northeast Austin. The Austin Housing Finance Corp. is teaming on the project with Dallas-based Southwest Housing Development.

The Primrose of Shadow Creek Apartment Complex is near the intersection of Texas 290 and Interstate 35. It’s expected to be ready for tenants by the end of 2002.

The AHFC financed the project by selling low-income housing tax credits to an investor. The finance corporation spent $1 million to acquire the land and intends to recover the money over 40 years with annual payments of $60,000. At the end of 15 years, when the tax benefits are exhausted, the AHFC will have the right to acquire the property for the outstanding debt.

The project is the first in Austin for Southwest Housing, which has six senior living complexes in the Dallas area. Its Southwest Housing Management unit will coordinate the activities of nonprofit service providers for transportation, health care, limited meal service and others.

“We are very excited about the opportunity to break into this market,” Brian Potashnik, president of Southwest Housing, said in a prepared statement.

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