SAN ANTONIO, TX - The Texas Department of Housing and Community Affairs (TDHCA) is providing funding awards to private developers building two new affordable rental properties in San Antonio. TDHCA awarded $1.1 million in housing tax credits to the developers of the 252-unit Artisan at San Pedro Creek Apartments, and another $318,785 in tax credits to the developers of City View Apartments, which will feature 245 units. Because the credits provide a dollar value for a 10-year period, the credit award amount will equal nearly $11 million and $3.1 million in financing, respectively.
Each developer will utilize the credits in conjunction with a combined total of $40 million in mortgage revenue bond proceeds from the San Antonio Housing Finance Corp. for the construction of these new, high-quality rental properties that will offer tenants a reduced rent.
"San Antonio's housing market continues to outpace that of the rest of the country, but an unfortunate downside is that apartment rents can quickly rise beyond what many tenants can afford to pay," says Michael Gerber, TDHCA executive director. "Our goal is to provide attractive, high quality housing with an affordable rent while offering tenants the long-term benefits of a stable, secure home life. The added bonus of these awards will be additional construction jobs and a significant infusion of payroll funds into the community."
Artisan at San Pedro Creek and City View will serve tenants whose annual income does not exceed 60 percent of the area median family income, which for San Antonio and Bexar County would equal income of $32,820 for a family of four.
"These awards play an important role in providing affordable rental housing for the people San Antonio," says State Sen. Leticia Van de Putte, D-San Antonio, in whose district these properties will be developed. "I commend TDHCA for working with local housing officials, thereby allowing this program to develop housing units in areas where it is most needed, while at the same time providing jobs that stimulate the local economy."
The Texas Department of Housing and Community Affairs is the state agency responsible for affordable housing, community services, energy assistance, and colonia housing programs. The Department annually administers more than $400 million through for-profit, nonprofit, and local government partnerships to deliver local housing and community-based opportunities and assistance to Texans in need.
Source: San Antonio Business Journal