Lantana Apartments, a housing development that offers income-based housing, is nearing completion.

The background

The project started in June 2020 after San Marcos City Council approved a resolution for low-income housing tax credits with the Texas Department of Housing and Community Affairs.

Mortgage Co. LLC obtained a $30 million Federal Housing Administration Construction Loan to build the project. The mortgage company partnered with Mission Development Group LLC to develop the project.

Diving in deeper

Construction, which began in the throes of COVID-19, was delayed by numerous challenges, including supply chain issues, repeated lockdowns and inclement weather, according to Mark Tolley, Mission Development Group LLC managing partner.

"It's been a very tough last two years to build, and of course we could grouse about it, but I'm happy just to say that this project, through hard work and perseverance by all parties, we're nearing the completion. We're very happy that we're finally putting this project in service," Tolley said.

Looking ahead

The project is anticipated to be completed by October. Upon completion there will be a total of eight buildings with 216 units.

"We have a wide range of units, all of which are affordable and subsidized by low-income housing tax credits," Tolley said.

The following tables represent the 2023 maximum rents after utility allowance deduction, according to information provided by Lantana Apartments staff. According to staff, residents only pay electric, and the complex covers the rest of utilities.

The apartment complex has a pickleball court, walking trails, a pool and a gym. It also has a demonstration kitchen and provides supportive services through a third party that include a food pantry and travel assistance.

"Even though it's incredibly difficult to get these projects completed, it really is a win-win for the city of San Marcos, and we hope to build more of this and use this as an example and a template for more projects like this, again, in partnership with the San Marcos Housing Authority," Tolley said.

Lana Wagner, San Marcos Housing Authority executive director, said they were glad to be in partnership with Mission Development Group.

"We're excited to get [the apartments] finished," Wagner said.