Opportunity Home Celebrates New Single-Family Affordable Homes

Published on October 24, 2024

Opportunity Home Celebrates New Single-Family Affordable Homes Available for Purchase

SAN ANTONIO (October 24, 2024) – Five affordable single-family homes supported by the City of San Antonio’s 2022-2027 Affordable Housing Bond Program are now on the market for first-time homebuyers to purchase through Opportunity Home San Antonio’s Westside Reinvestment Initiative (WRI).

Local leaders gathered on October 24 for a ribbon-cutting ceremony to celebrate the completion of the first five homes located in the Villa de Fortuna subdivision on Precious Drive, increasing affordable homeownership opportunities on the Westside. 

The homes will be sold to first-time homebuyers earning up to 60 percent of the Area Median Income (AMI), an annual income of $47,820 for a family of three.

“San Antonio’s first-ever Affordable Housing Bond continues to bear fruit,” Mayor Ron Nirenberg said. “This ribbon cutting, opening the doors of opportunity for five first-time homebuyers, demonstrates our ongoing progress expanding safe, dignified and affordable places for San Antonians to call home.”        

WRI will eventually include 25 affordable homes across three subdivisions: Villa de Fortuna (5 homes), Palm Lake (11 homes) and Sunflower (9 homes), all located in the same neighborhood. All the homes will be sold to qualified first-time homebuyers through Opportunity Home San Antonio’s Middle Income Homeownership Program (MIHP). 

“We are excited that San Antonio is continuing to break ground on our commitments to affordable housing through the 2022 bond,” District 5 Councilmember Teri Castillo said. “This partnership with Opportunity Home San Antonio gives working families in District 5 a chance at building generational wealth.”

The newly constructed two- to three-bedroom, single-story modern homes range in size from 1,104 and 1,309 square feet and are priced between $165,000 and $185,000. This funding aims to maximize homeownership opportunities for families, ensuring they do not spend more than 35 percent of their monthly income on mortgage payments.

“The development of these homes marks an important milestone in our partnership with the City to provide affordable homeownership opportunities for families,” Lorraine Robles, Opportunity Home San Antonio Chief Real Estate and Development Officer said. “These houses help make the dream of owning a home a reality for middle-income families who are first-time homebuyers.” 

The Westside Reinvestment Initiative received $218,655 in funds from San Antonio’s 2022-2027 Affordable Housing Bond Program. It is the first completed project under the bond's Homeownership Production funding category. 

“We’re excited to see homeownership opportunities arise for first-time homebuyers,” Veronica Garcia, director of the City of San Antonio’s Neighborhood and Housing Services Department said. “The Affordable Housing Bond is impacting our community in many ways, including helping families transitioning from renting to owning.”

To date, more than 4,300 affordable homes have been built or preserved with the support of the Affordable Housing Bond. Currently:

• 1,470 new affordable rental homes are under construction.
• 2,308 affordable rental homes are slated for rehabilitation, which is preserving and improving existing affordable housing.
• 322 homes are under construction, planned and designated as Permanent Supportive Housing, which are homes to individuals or families who have experienced homelessness for a year or more.

For more information about the Westside Reinvestment Initiative, visit the Opportunity Home website. For more information about the Affordable Housing Bond, visit SA.gov/NHSD