Contact: Kelly Kapaun Saunders, Office: (210) 207-8031
SAN ANTONIO (Dec. 12, 2019) —The City of San Antonio has received three new applications for incentives under the Center City Housing Incentive Policy (CCHIP), bringing this year’s total to seven projects, all of which will include affordable and workforce housing to the center city and SA Tomorrow regional centers. Upon completion, these three new projects will provide 220 multifamily rental units and 48 for-sale housing units.
Of the 220 multifamily housing units:
· 10 will be reserved for households earning less than 80 percent of the Area Median Income (AMI), or $56,800 for a family of four;
· 198 units will be reserved for families earning less than 60 percent of the AMI, or $42,600 for a family of four; and
· 12 units will be available at market rates.
Of the 48 for-sale units, 15 will be priced for families earning below 120 percent of the AMI.
"Providing affordable housing to families in San Antonio is critical to the future of our city,” said Mayor Ron Nirenberg. “These new affordable housing units align with the Mayor’s Housing Policy Task Force Report, and I am pleased to see that we are bringing more affordable rental and for-sale housing units to the center city and SA Tomorrow regional centers.”
Terramark Urban Homes submitted an application for Vista Verde Lofts, a 24-unit development to be built at 509 El Paso that is also participating in the Neighborhood Improvements Bond Program. The project will include 10 units reserved for households earning less than 80 percent of AMI and two units for households earning less than 60 percent of AMI. The project is expected to be complete by December 2021.
Franklin Development submitted an application for Park at 38Thirty, a 196-unit development to be built at 3830 Parkdale in the Medical Center area. All 196 of the units will be reserved for households earning less than 60 percent of the AMI. The project, which is also participating in the Neighborhood Improvements Bond Program, is expected to be completed by July 2021.
SOJO Urban Development submitted an application for a $15 million for-sale townhouse and condominium project, which includes 48 units on Locust and Grayson streets near the Pearl. Fifteen units will be reserved for families earning below 120 percent of the AMI, making it the first mixed-income homeownership project in the Midtown area. The project is slated for completion by April 2022.
All active CCHIP incentive agreements can be viewed on the Center City Development and Operations Department online database.