13 New Projects Awarded Affordable Housing Bond Funding to Build homes
Published on June 08, 2023
SAN ANTONIO (June 8, 2023) – Thirteen more affordable housing projects have been approved by the San Antonio City Council as part of the second round of funding from the $150 million Affordable Housing Bond. Together, they will collectively produce or preserve 2,138 affordable homes.
“Funding from the Affordable Housing Bond continues to deliver on the promise of boosting our local housing supply while preserving housing affordability in San Antonio,” said Mayor Ron Nirenberg. “These developments demonstrate our ongoing commitment to create housing opportunity for all.”
Council’s action authorizes a total of $35,022,547 in City investment through Bond funding, Community Development Block Grants (CDBG), the HOME Investment Partnerships Program (HOME) and City General Funds.
Through the projects, 559 homes are deeply affordable and designated for families to rent if they are at or below 50% of the Area Median Income (AMI), which is $43,900 a year or less for a family of three, or to purchase a home if they are at or below 80% AMI, which is $63,200 a year or less for a family of three. These projects also include 414 public housing homes or income-based units that adjust the rent based on the income of the household.
“The City of San Antonio has committed to addressing housing affordability through the Strategic Housing Implementation Plan and most recently the voter-approved housing bond,” said City Manager Erik Walsh. “These new projects change the landscape of our housing market by providing quality, affordable options for San Antonio families.”
One of the awarded projects includes funding the acquisition of Riverside Terrace, a Mobile Home Park with 54 sites including 46 sites that are currently occupied. The bond funding would help ROC USA assist residents with becoming owners of the park, forming a cooperative joint-ownership entity, electing a board and running a resident-owned community.
Riverside Terrace is the first mobile home park cooperative in the City of San Antonio. Converting privately-owned mobile living communities into resident-owned communities is a SHIP strategy that helps preserve affordable housing, prevents displacement, and ensures safe and healthy living environments for vulnerable families.
With the new awards, the Housing Bond, along with other funding sources, have supported a total of 30 awarded projects that will produce or preserve 4,833 homes, including 159 new homeownership opportunities and create or preserve 4,674 rental units. These awards to date represent a total investment of $808 million.
“The Strategic Housing Implementation Plan (SHIP) outlines the need to serve households in our community with the fewest resources,” said Veronica Garcia, Director of the Neighborhood and Housing Services Department. “The Housing Bond prioritizes funding projects that include deeply affordable homes, high-quality building materials, plus resident services and amenities to create housing options with supportive communities across the city.”
The Housing Bond will also continue to support single-family rehabilitation through the $45 million allocated from the Homeowner Preservation category over the next five years. In addition, a second round of funding for permanent supportive housing projects for chronically homeless individuals is expected to be announced in the fall.
Awarded Projects
Homeownership Production
| Project & Developer |
Projected Units |
20-80% AMI |
Round 2 Funding Recommendation |
|
Build for SA - Yucca
(Habitat for Humanity)
|
22
|
22
|
$900,000
($400,000 Housing Bond & $500,000 CDBG Federal)
|
|
***Riverside Terrace
(ROC USA)
|
46
|
46
|
$1,551,021
(Housing Bond)
$1,300,000
(Housing Bond, SHIP Strategy Set-Aside)
$250,000
(Fee Waivers)
|
|
Westside Reinvestment Initiative
(Opportunity Home)
|
20
|
20
|
$801,144
(HOME Federal)
|
|
TOTAL
|
88
|
88
|
$4,802,165
|
*** Includes funding being recommended from additional funding sources.
Rental Production
| Project & Developer |
Projected Units |
30% AMI |
50% AMI |
60% AMI |
80% AMI |
Round 2 Funding Recommendation |
|
***Cattleman Square Lofts
(Alamo Community Group)
|
138*
|
21
|
14
|
103
|
0
|
$1,000,000 (HOME Federal)
$350,000 (Inner City Incentive Fund)
$1,000,000 (General Fund)
|
|
Ellison Apartments
(Lincoln Avenue Capital)
|
308
|
47
|
|
261
|
0
|
$2,520,382
|
|
Culebra Road Apartments
(Tirol Housing)
|
199
|
21
|
0
|
178
|
0
|
$1,750,000
|
|
Memorial Apartments
(San Antonio Alternative Housing Corporation)
|
30
|
3
|
9
|
6
|
12
|
$1,500,000
($714,990 Housing Bond & $785,010 HOME Federal)
|
|
Cloudhaven Apts.
(NRP Group)
|
65
|
8
|
25
|
32
|
0
|
$3,000,000
|
|
Legacy Sr. Residence
(Cornerstone Housing Group)
|
180
|
18
|
0
|
162
|
0
|
$2,100,000
|
|
TOTAL
|
920*
|
118
|
48
|
742
|
12
|
$13,220,382
|
*Includes 782 new Rental Production units for affordable housing pipeline, as Cattleman Square Lofts previously counted.
*** Includes funding being recommended from additional funding sources.
Rental Rehabilitation, Preservation and Acquisition
| Project and Developer |
Total Units |
30% AMI |
50% AMI |
60% AMI |
Market |
Income Based/ Public Housing** |
Round 2 Funding Recommendation |
|
Vista Verde Apartments
(Prospera Housing Community Services)
|
192
|
20**
|
|
170*
|
2
|
190
|
$4,250,000
|
|
Victoria Plaza Apartments
(Opportunity Home)
|
185
|
185**
|
|
|
|
185
|
$2,500,000
|
|
Midcrowne Senior Pavilion
(Opportunity Home)
|
196
|
39**
|
|
157
|
|
39
|
$2,500,000
|
|
The Ravello
(Opportunity Home)
|
252
|
26
|
|
226
|
|
0
|
$2,500,000
|
|
Westwood Plaza
|
305
|
35
|
|
270
|
|
0
|
$5,250,000
|
|
TOTAL
|
1,130
|
305
|
0
|
823
|
2
|
414
|
$17,000,000
|
** Public Housing and Income-Based units. These units provide rents based on household income and adjust as income changes. The balance of rent is covered through additional subsidy.