The San Antonio Housing Believe in General public Facility Corp. (PFC) board on Wednesday agreed to enter a memorandum of knowing with nonprofit developer Alamo Group Team on the construction of the 140-unit Cattleman Square Lofts in west downtown.
The apartment growth is viewed as a single of the scarce cost-effective housing jobs downtown, which will ultimately present rents to family earning as small as 30% of the location median profits (AMI) or significantly less, which is $21,600 for a household of 4 in the San Antonio-New Braunfels location. Only two models will be priced at sector-amount.
Substantially of the new downtown housing staying built is unaffordable to the employees who comprise the downtown hospitality sector. The Cattleman Square Lofts would assist fill that want.
Council associates Roberto Treviño (District 1), Rebecca Viagran (D3), Dr. Adriana Rocha Garcia (D4), Shirley Gonzales (D5) and John Courage (D10) are the 5 Housing Belief board members.
The $26.4 million challenge is positioned at 811 W. Houston St., across from the By way of Metropolitan Transit’s Centro Plaza hub on Frio Road, and is therefore thought of a transit-oriented improvement.
To make housing this very affordable, the job will need virtually every single general public incentive obtainable.
Alamo Community Group (ACG) can take gain of general public incentives designed doable by the partnership with the San Antonio Housing Have faith in PFC, most notably a entire house tax exemption. The Housing Believe in Finance Company will also concern up to $15 million in tax-exempt multifamily earnings bonds to assist pay out building expenses.
The PFC and Finance Company are the two entities of the San Antonio Housing Have faith in.
Previous month, the City Council issued a letter of no objection towards ACG’s pursuit of 4% very low-money housing tax credits, which is predicted to yield $7.1 million.
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