Pedcor Cos., an Indiana-based affordable housing developer, plans to build a 240-unit affordable apartment complex in far North San Antonio.

The background

San Antonio City Council on Nov. 9 passed a resolution of nonobjection to Pedcor’s application for 4% housing tax credits from the Texas Department of Housing and Community Affairs.

According to the tax credit application, Pedcor will partner with the San Antonio Housing Trust to develop Creek Bend Phase 2 Apartment Homes at the western edge of the US 281 North and East Borgfeld Drive intersection. Phase 2 will be located within 1 mile of Creek Bend Phase 1, another Pedcor/SAHT project.

Digging deeper

If approved by TDHCA, Pedcor will receive $27 million worth of tax credits over a 10-year period for Creek Bend Phase 2, which the developer plans to construct at an estimated cost of $70.3 million.

Creek Bend Phase 2 will offer units for families earning between 30% and 60% of the area median income, or AMI. All apartments will be rent restricted to 60% and below of AMI.

Rents at Creek Bend Phase 2 will range $435-$1,288. Pedcor officials said they anticipate the TDHCA board considering their tax credit application in March 2025. If approved, construction will start in June 2026 and wrap up in June 2028.

The takeaway

Pedcor officials also said Creek Bend Phase 2 will help the city to achieve its Strategic Housing Implementation Plan production goals for families with incomes between 30% and 60% of AMI.