NRP Group Breaks Ground on $24 Million Nova Lofts Affordable Housing Development Located in San Antonio’s COSA Neighborhood

NRP Group Breaks Ground on $24 Million Nova Lofts Affordable Housing Development Located in San Antonio’s COSA Neighborhood

SAN ANTONIO, TX - NRP Group leadership, Community Housing Resource Partners and City of San Antonio (COSA) officials gathered at the future site of San Antonio’s newest affordable housing community, Nova Lofts, to kick off construction of the 65-unit community on the city’s Northeast side. Nova Lofts is The NRP Group’s third affordable housing community in San Antonio to break ground this year, and second supported by the COSA Neighborhood and Housing Services department’s 2022 Affordable Housing Bond Program (Bond).

“As the City of San Antonio continues to grow, our focus on addressing housing needs remains paramount,” said Mayor Ron Nirenberg. “We are dedicated to ensuring all individuals and families have access to safe, affordable housing options across the entire city.”

Located at 127 Rainbow Drive, Nova Lofts is a 65-unit development strategically placed near Alamo Heights, a multitude of essential businesses and employers, and public transit to ensure access to convenient, wraparound services and employers for residents. One to three-bedroom floorplans will serve residents earning 30-60% of the Area Median Income (AMI) and amenities within the four-story complex include a playground, fitness center, community clubhouse and more.

“Developments like Nova Lofts are an essential investment in the wellbeing of our entire community–now and for generations to come,” said Councilman Marc Whyte, COSA District 10. “The reinvestment along Austin Highway is an important initiative to spur economic development along this major thoroughfare in the city of San Antonio.”

In collaboration with Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T, The NRP Group has dedicated a portion of the development budget toward the commission of a site-specific mural by San Antonio artists, Hailey Marmolejo, Danielle Edwards and Ashleigh Valentine Garza. The addition of the mural, which will be inspired by the celestial theme of the property, will also extend the momentum of the Downtown arts and culture movement and the Broadway Cultural Corridor further north along Austin Highway. This expansion will provide the community the opportunity to engage with public art right in their own backyard.

“Public art not only beautifies our spaces but ensures that the soul of the city thrives with the unique voices and visionaries who call it home," said Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T. “We are committed to building community through art across the city of San Antonio.”

The $24 million development was made possible through innovative funding partnerships, including a $2.7 million allocation from the Bond, and the State of Texas’ highly competitive 9% low-income housing federal tax credits. Additional funding partners include U.S. Bank.

"Nova Lofts is the third development to break ground with funds from the City’s Affordable Housing Bond, continuing the City’s initiative of providing quality home options for families,” said Veronica Garcia, COSA Deputy Director of Neighborhood and Housing Services. “We are thrilled to continue delivering on the Bond promise of building affordable rental options for San Antonio residents across all walks of life to enjoy.”

Development partner and local nonprofit, Community Housing Resource Partners, will provide and organize life-affirming resident services including after-school nutritional snacks, ESL assistance, healthcare screenings, financial literacy programming, job readiness and career preparation.

"When deciding where to place this much-needed housing resource, we brought partners together from across the city, county, and state to ensure the specific needs of the community were being met across the board," said Jason Arechiga, NRP Group Senior Vice President of Development. "Thanks to an incredible level of collaboration across all stakeholders, we are able to bring high-quality, affordable housing to communities that need them most.”

The first Nova Loft units will be ready for leasing January 2025 and the entire development is slated for completion by April 2025.

Source: NRP Group

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