San Antonio City Council on Feb. 9 passed resolutions supporting housing tax credit application efforts at three planned affordable multifamily developments in or close to north central San Antonio.
Each housing tax credit application is being submitted to the Texas Department of Housing and Community Affairs, and if approved will be used to help fund construction of the affected rental project, city officials said.
Officials added each affected project will be marketed to low-income households.
At one project, Pedcor Investments is applying for a 4% housing tax credit to build Creek Bend, a 288-unit affordable apartment complex northwest of the corner of North Hwy. 281 and Borgfeld Drive.
According to the city, an approved tax credit award is worth $35.8 million over a 10-year period for a $78.1 million project. All units will be rent restricted to 60% or below the area median income, which is currently defined as $44,820 for a family of three.
If approved, construction on Creek Bend Apartments will start March 2024 and be complete in March 2026, city officials said. This multifamily community will have amenities, such as skills training for adults, a food pantry, weekly exercise classes, a health fair, a dog park, a swimming pool and splash pad, and fitness center.
NRP Group is applying for a 9% housing tax credit to build Rainbow Lofts, a 70-unit apartment complex at 15838 San Pedro Ave. All units will be set aside for households earning 30% to 60% of AMI.
Rainbow Lofts will replace the former site of an outdoor playset company along the freeway. City officials said neither a project cost nor a construction timeline have been provided by NRP Group.
Atlantic Pacific Cos. is applying for a 9% housing tax credit to build Vista at Henderson Pass, a 66-unit apartment complex on a vacant property at the southeast corner of Henderson Pass and Turkey Point.
City officials said apartments at Vista at Henderson Pass will be dedicated to households earning 30% to 60% of AMI.
City officials said neither a project cost nor a construction timeline have been provided by Atlantic Pacific.