An Indiana-based developer plans to build a 336-unit affordable apartment complex in the Stone Oak area.

What happened

San Antonio City Council on Jan. 11 passed a resolution of no objection to Pedcor Investments’ application for 4% housing tax credits from the Texas Department of Housing and Community Affairs.

Officials with Pedcor said the resulting $36.6 million in tax credits will help them to finance development of Stones Crossing Apartment Homes at 23211 N. US 281, between Stone Oak Parkway and Northwind Boulevard, over a 10-year period.

Redcor representatives said the $101.6 million construction project will produce a multifamily rental community, where each unit will be marketed to families earning 60% of the area median income. Rents will range $979 to $1,356 monthly.

What else?

Stones Crossing will be developed in partnership with the San Antonio Housing Trust and is estimated for completion in June 2027.

Officials with Pedcor and the city agreed Stones Crossing will help San Antonio toward meeting its long-term goal of increasing the number of new affordable housing. Pedcor recently built two other affordable apartment communities, Northview and Canyon Pass, near Stone Oak.

Pedcor is building the second phase of units at Creek Bend Apartment Homes, another affordable housing community, at US 281 and East Borgfeld Road.