Element Photo: This inexperienced house, as viewed from the I-37 support road, is scheduled for redevelopment as a 108-unit apartment building. Graphic: Google Streets.
by Adolfo Pesquera
San Antonio (Bexar County) — The San Antonio Housing Authority has started the funding method to fund a 108-device apartment community on 1 of the final remaining undeveloped websites in downtown’s Victoria Commons.
The task, referred to as North Pond Apartments, was resolved at the SAHA Board of Commissioners Aug. 19 session.
The authorized resolution directs a SAHA affiliate, Las Varas Public Facility Corporation and the San Antonio Housing Facility Company to go after housing tax credit score and tax exempt bond financing. A partnership involving Las Varas PFC will use to the Texas Office of Housing and Local community Affairs for a 4% non-competitive housing tax credit score award, as well as acceptance from a independent point out board for a bond issuance.
The bond issuance would be for up to $20 million, on the other hand, the whole approximated value was not reported.
North Pond Apartments would be situated on a triangular tract that is west of the Interstate 37 frontage highway, north of Refugio Street and east of Santos Avenue. It is one particular of three tracts on the south facet of Victoria Commons that SAHA is scheduling to shift ahead on with new housing. A Setting up Fee land amendment scenario that was described by VBX in this Aug. 13, 2021 write-up clarifies SAHA’s options for the 3 tracts.
SAHA has envisioned a five-tale framework on the North Pond internet site. The preliminary notion incorporates some ground flooring industrial and a new street that would link to Santos Street.
A challenge summary also famous that, “The agency will be issuing a Request for Proposals for the growth of the North Pond Residences project, which will be new design. All models will be lower cash flow housing tax credit units serving people whose incomes ordinary 60%.”
The Las Varas PFC will be the bond issuer, and the San Antonio Housing Facility Corporation will possess the land and create a limited legal responsibility business to act as basic partner of a tax credit score partnership, which will possess the job.
SAHA does not foresee closing on the funding until finally 2022.
VBX Project ID 2021-5F28