Burleson Studios opens in Austin with 104 supportive homes backed by FHLB Dallas grant
A $1.56 million Affordable Housing Program grant through Wells Fargo helped fund the Foundation Communities property for people exiting chronic homelessness.
By Brandon Salem · 3 min read
Burleson Studios, a 104-unit supportive housing community in Austin, Texas, has had its grand opening, according to an Oct. 16 announcement from the Federal Home Loan Bank of Dallas. A KVUE video syndicated on Yahoo and dated Oct. 14 shows a ribbon cutting, so the ceremony itself appears to have come before the announcement. Foundation Communities lists the property as 104 studio homes for single adults with 24-hour staff, a food pantry and a computer lab. Foundation Communities property page. The property is designed primarily for people exiting chronic homelessness, and a $1.56 million Affordable Housing Program grant from FHLB Dallas, made through member Wells Fargo, helped fund it. FHLB Dallas release.
Who built it
Foundation Communities developed the studio apartments in collaboration with Mobile Loaves & Fishes, as part of the Burleson Road expansion of Community First! Village. FHLB Dallas said it has provided more than $9 million to Community First! Village over several years. Walter Moreau, executive director of Foundation Communities, said the grant helped bring the development to completion.
How the financing was assembled
The FHLB grant was one piece. In March 2025, the Texas State Affordable Housing Corporation said it awarded $16.5 million in private activity bonds to Foundation Communities for construction. At that time, TSAHC said 50 units would be reserved for adults earning up to 30% of area median income and 54 for adults earning up to 50%. TSAHC announcement. Those targets come from the 2025 financing announcement; the opening release does not restate them.
Services on site
According to FHLB Dallas, residents will have access to intensive case management, a healthy food pantry, a fitness room, a computer room, laundry, a community room and outdoor gathering spaces. The development also includes an on-site health facility. A grand opening marks completion; neither source says every unit is already occupied.
Why it matters for housing finance
AHP grants flow through FHLB member institutions and support purchase, construction or rehabilitation of housing for households at or below 80% of area median income. The program is a grant, not a mortgage. For lenders, Burleson Studios shows how a member bank can sponsor an AHP application that fills a gap in a larger financing stack built around bonds and nonprofit development. FHLB Dallas said it awarded $73.5 million in AHP grants in 2025 and expects to announce 2026 awards this month.
Video: Community First! Village
This 2020 tour from Mobile Loaves & Fishes shows the original village Burleson Studios expands. It predates the new studios and does not show the new building.
Cover: mortgage.news graphic with the Wells Fargo logo, shown only to identify the member bank that sponsored the grant; no endorsement implied. Logo via Wikimedia Commons (public domain as a simple text logo); Wells Fargo trademark. FHLB Dallas event photographs require prior written permission and are not shown.
Watch: the verified facts in 15 seconds
Transcript (on-screen text; original instrumental music, no narration): FHLB DALLAS | ANNOUNCEMENT OCT. 16, 2026; GRAND OPENING ANNOUNCED; 104 homes; Burleson Studios supportive housing; Designed primarily for people exiting chronic homelessness. FUNDING; FHLB DALLAS AHP GRANT; $1.56M; Through member Wells Fargo; TSAHC approved $16.5M in bonds in 2025. INCOME TARGETS (2025 PLAN); UNITS RESERVED; 50 + 54; Up to 30% AMI | up to 50% AMI; Per TSAHC, March 13, 2025. ON SITE; SUPPORT SERVICES; Case management; Food pantry, health facility, fitness room; Opening is not a claim that all units are occupied.