Income-restricted apartment complex coming to San Marcos Projects underway in San Marcos

The Lantana Apartments will have 163 income-restricted units. San Marcos median family income  (MFI) is $98,900. Rent prices will be based off of 30-70% of MFI. (Source: U.S. Department of Housing and Urban Development/Community Impact Newspaper)
The Lantana Apartments will have 163 income-restricted units. San Marcos median family income (MFI) is $98,900. Rent prices will be based off of 30-70% of MFI. (Source: U.S. Department of Housing and Urban Development/Community Impact Newspaper)

The Lantana Apartments will have 163 income-restricted units. San Marcos median family income (MFI) is $98,900. Rent prices will be based off of 30-70% of MFI. (Source: U.S. Department of Housing and Urban Development/Community Impact Newspaper)

Income-restricted apartment complex coming to San Marcos La Cima development adding land, City Council annexing 16.48 acres Source: Mission Development Group LLC/Community Impact Newspaper 1 bedroom CPC Mortgage Co. LLC obtained a $30 million Federal Housing Administration Construction loan to build an affordable apartment complex, The Lantana Apartments, in San Marcos.

The mortgage company is partnering with Mission Development Group LLC to develop the 216-unit complex. The Lantana Apartments will be located on a 9.93-acre piece of land at the corner of Rattler Road and Old Bastrop Road, across from San Marcos High School, according to a press release. The residential buildings will include eight three-story buildings.

In June 2020, San Marcos City Council approved a resolution of no objection to the developer’s application for low-income housing tax credits with the Texas Department of Housing and Community Affairs. Payments in lieu of taxes in the amount of $11,000 annually must be made to the city beginning in the first year the project begins, according to city documents. A date for groundbreaking and time frame for construction of the apartments is yet to be determined.

The complex will feature 84 one-bedroom units, 56 two-bedroom units and 76 three-bedroom units, according to the release. About 163 units will be income restricted to those with a household income between 30-60% of the San Marcos median family income, which is $98,900 according to the U.S. Department of Housing and Urban Development’s 2021 estimates. Rent for one-bedroom units will start at $448 per month, according to the release. Rent for units at The Lantana Apartments are set by the Texas Department of Housing and Community Affairs, according to Jordyn Leon, a CPC Mortgage Co. spokesperson.

The apartment complex will feature a business center, an on-site management office, a clubhouse, a fitness center, a pickleball court, a playscape, a game and media room, a pool, a community garden and other amenities. The complex will have over 350 parking spaces, including 44 carports, 18 handicap-accessible parking spots and 12 parking garages.


“Our mission is to provide capital that helps preserve and revitalize the affordable housing stock of the communities we serve, and we are excited to begin this new partnership,” said Timothy Deegan, head of FHA lending for CPC Mortgage Co.
By Eric Weilbacher

Editor, New Braunfels and San Marcos/Buda/Kyle

Eric joinedCommunity Impact Newspaper as an editor in July 2021, returning to journalism after several years in the New Braunfels business community. Prior to CI, Eric freelanced for multiple publications and was a reporter for the New Braunfels Herald-Zeitung. He brings a passion for accurate, compelling story telling and human interest to his work.

By Trent Thompson

Reporter, Austin Metro

Trent joined Community Impact Newspaper as an intern in May 2021 after graduating with a degree in journalism from the University of Texas, Austin in December 2020. In July 2021, he was promoted to Austin Metro reporter. He covers several news beats from education and government to dining, transportation, nonprofits, and healthcare. However, his primary beat is business and development. Before working at CI, Trent wrote for The Daily Texan, UT's daily student newspaper, and worked on many projects of his own for his undergraduate program. In his free time Trent writes poetry, spends time with loved ones, and watches Star Wars for the hundredth time, including other new movies.



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