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Published on Wednesday, December 2, 2020
CONTACT: Kelly Kapaun Saunders, (210) 207-8031
SAN ANTONIO (Dec. 2, 2020) —The City of San Antonio has received two new applications for incentives under the Center City Housing Incentive Policy (CCHIP), bringing the total to 11 new projects in the center city and SA Tomorrow regional centers since the program was revised in 2018. Upon completion, these two new projects will provide 606 multifamily rental units to the urban core and will contribute more than $3.2 million to the City’s affordable housing fund.
305 Soledad Residential Development
Weston Urban has requested CCHIP incentives that include SAWS impact fees valued at $1 million, which will be requested from the Houston Street TIRZ. In addition, incentives include a 15-year local tax rebate, of which 25 percent of the rebate would be invested in the City’s Affordable Housing Fund for future affordable housing projects. The contribution to the Affordable Housing Fund is estimated at $2.2 million. The project, located in the heart of downtown, will replace a surface parking lot with a 32-story tower that will include 351 apartments and 7,250 square feet of street-level retail space.
Elmira Residential Development
Pearl is expanding its development west of the River with its Elmira Street Apartment project, located 1126 E. Elmira St. The requested CCHIP incentives include reimbursement for SAWS impact fees valued at $500,000, which will be requested from the MidTown TIRZ. In addition, incentives include a 10-year local tax rebate, of which 25 percent of the rebate would be dedicated to the City’s Affordable Housing Fund. The contribution to the Affordable Housing Fund is estimated at $1 million. The Elmira Street project will include 255 apartments and 7,500 square feet of retail space in a seven-story building.
“The City-managed Affordable Housing Fund will assist in the creation of future affordable housing projects citywide,” said District 1 City Councilman Roberto C. Treviño. “The City is currently developing an ordinance that would prevent discrimination against affordable housing residents based on their source of income. If approved by the City Council, any future developments built with Affordable Housing Fund contributions would be required to accept all forms of income from qualifying tenants.”
All active CCHIP incentive agreements can be viewed on the Center City Development and Operations Department online database. The CCHIP program expires on December 13, 2020.
Categories: City News, Center City Development