Preserve at Billy Mitchell – PFC/Historic Tax Credit Structure
The SAHT PFC partnered with the Integrated Realty Group to acquire and rehabilitate 384 rental units at 402 Gillmore Ave. San Antonio Texas, TX 78226 in Council District 5. This apartment community has 19 units reserved for those at 30% AMI, 58 units reserved for those at 50% AMI, 307 units reserved for those at 70% AMI. This project cost approximately $55.8 million at the time of development. The project closed financing in May 2021 and anticipates completing rehabilitation in 2023.
Southton – Private Equity Structure
The SAHT PFC is partnering with 3LB Equities to construct 239 rental units on 13.8 acres along Southton Rd near IH-37 in Council District 3. This HUD 221(d)(4) apartment community will have 24 units reserved for those at 30% AMI, 24 units reserved for those at 60% AMI, 72 units reserved for those at 80% AMI and 119 at market rents. 30% AMI units are dependent on a $3M TDHCA MF Loan.
Friedrich Lofts – Private Equity Structure
The SAHT PFC partnered with PRA Realty Group to convert approximately 4 acres of blighted industrial vacant buildings into 358 units of rental housing at 1617 E. Commerce in Council District 2. This apartment community has 24 units reserved for those at 60% AMI, 155 units reserved for those at 80% AMI, and 179 units at market rents. This project cost approximately $93 million at the time of development. The project began demolition in April 2022 and anticipates closing financing in 2024..
Caroline at Rogers Ranch (Ridgeline) – Private Equity Structure
The SAHT PFC partnered with the Morgan Group to construct 350 rental units on 12.9 acres at Loop 1604 and Happy Rounds in Council District 9. This apartment community has 36 units reserved for those at 60% AMI, 140 units reserved for those at 80% AMI, and 174 units at market rents. This project cost approximately $60 million at the time of development. The project will close financing in Fall 2021.
Caroline at Longhorn Quarry – Private Equity Structure
The SAHT PFC partnered with the Morgan Group to construct 355 rental units on 14 acres at the Longhorn Quarry in Council District 10. This apartment community has 36 units reserved for those at 60% AMI, 142 units reserved for those at 80% AMI, and 177 units at market rents. This project cost approximately $57 million at the time of development. The project will close financing in August 2021.
Arbors at West Avenue – 4% LIHTC
Prospera, a local non-profit, is re-constructing and rehabilitate 234 affordable rental units at 3747 West Avenue in Council District 1. This project will combine two prior adjacent apartment communities into a single project consisting of 43 PBV units, 98 units reserved for those at 50% AMI, 60 units reserved for those at 60% AMI, and 33 units reserved for those at 80% AMI. This 4% tax credit structured project closed financing on February 10, 2022. The PFC is a partner in the tax credit partnership and our Finance Corporation issued $25 million in Tax Exempt Private Activity Bonds.
Crosswinds – 4% LIHTC
Pedcor Development and Associates is constructing 312 affordable rental units on 21 acres at 1604 and Bulverde/O’Conner in Council District 10. This project will consist of 16 units reserved for those at 30% AMI, 39 units reserved for those at 50% AMI, 257 units reserved for those at 60% AMI. This 4% tax credit structured project closed financing on January 28, 2022. The PFC is a partner in the tax credit partnership and our Finance Corporation issued $45 million in Tax Exempt Private Activity Bonds.
Loma Vista – 4% LIHTC
Cohen Esry is seeking is constructing 212 affordable rental units on 21 acres at 363 N. General McMullen Drive in Council District 5. All units in this project will reserved for those at 60% AMI. However, the PFC is funding a Rental Assistance Fund with PFC revenues earned from this development to designed to enable up to 15% of units to be leased to Very Low-Income Tenants at or below 50% of the AMI and Extremely Low-Income at or below 30% of the AMI. This 4% tax credit structured project closed financing on January 28, 2022. The PFC is a partner in the tax credit partnership and our Finance Corporation issued $20 million in Tax Exempt Private Activity Bonds.
Lofts at Creekview – PFC TEB
The SAHT PFC closed financing on 301 units on 21 acres located at 3623 East Commerce St. in Council District 2. Cohen Esry shall develop the property however, SAHT shall have full ownership of the project with capital provide by the sale of Tax-Exempt Bonds to cover 100% of the $60 million project. Lofts at Creekview shall have an affordable mix of 50%, 60%, 80% AMI units as well as market rate units at initial operation. SAHT will utilize equity built into the project over time to reduce the number of market rent units to rent restricted units after the initial refinance period.
Country Club Village
The San Antonio Housing Trust PFC issued $35 million in Tax Exempt Private Activity Bonds in support of the Prospera Housing Community Services, a local affordable housing non‐profit, and Versa Development, LLC, partnership to develop the $68.6 million, 4% Low Income Housing Tax Credit project. Country Club Village is an existing 82‐unit age restricted project for older adults over the age of 62 which will be rehabilitated, and an additional 187 units will be newly constructed on an adjacent 7+ acres. The new units shall be rented to individuals meeting the age restrictions and whose incomes are at or below 60% of median family income. The 82 rehabilitated units will continue with a direct HUD Section 8 Project Based Voucher (PBV) Contract.
Los Arcos Apartments (Viento)
The SAHT PFC is partnering with the NRP Group to develop and working with Opportunity Home San Antonio to finance the Los Arcos (Viento) Apartments, a 324‐unit, 4% LIHTC apartment community located on 15 acres of vacant land at 10348 S. Zarzamora St in Council District 4. All units will be rent and income restricted to families at varying incomes between 30% and 70% AMI and will provide for 1-to-4-bedroom units. 49 Units will serve families at or below 30% of Area Median Income; 161 units will serve families at or below 60% of Area Median Income; and 114 units will serve families at or below 70% of Area Median Income. The project closed financing in December 2022.
Leon Creek Apartments (Ellison)
The SAHT PFC partnered with Lincoln Avenue Capital on a new 312 unit – 4% Low Income Housing Tax Credit development located on 10.6 acres of land at Ray Ellison and Old Pearsall Rd in Council District 4. All units will be rent and income restricted to families at varying incomes between 30% and 60% AMI and will provide for 1-to-3 bedroom units. 47 units will serve families at or below 30% of Area Median Income; 265 units will serve families at or below 60% of Area Median Income. The project closed financing July 2023.
Palladium Crestview Apartments (Crestway)
The SAHT PFC partnered with Palladium USA on a new 270 unit – 4% Low Income Housing Tax Credit development located on 10.1 acres of land at Crestway Rd near Randolph Blvd in Council District 2. All units will be rent and income restricted to families at varying incomes between 30% and 80% AMI and will provide for 1-to-3 bedroom units. 21 units will serve families at or below 30% of Area Median Income; 202 units will serve families at or below 60% of Area Median Income; 31 units will serve families at or below 70% of Area Median Income; 16 units will serve families at or below 80% of Area Median Income. The project closed financing August 2023.
Caroline at Salado Creek
The SAHT PFC is seeking to partner with the Morgan Group on a new 359-unit mixed income development on 18 acres at Southeast Military Drive between Interstate 10 and Interstate 410 on the site of the former Republic Golf course in Council District 3. This apartment community has 18 units reserved for those at 50% AMI, 37 units reserved for those at 60% AMI, 126 units reserved for those at 80% AMI, and 178 units at market rents. The project is currently assembling financing for a FY 2024 closing.
Legacy Senior Residences
The SAHT PFC is seeking to partner with Cornerstone Housing Group on a new 198 unit – 4% Low Income Housing Tax Credit development for older adults located on 7.9 acres of land at S. New Braunfels behind the State Hospital in Council District 3. All units will be rent and income restricted to older adults over the age of 55 at or below 60% AMI and will provide for 1-to-2 bedroom units. The project is currently assembling financing for a late FY 2023/early FY 2024 closing.
Caroline at Sonterra
The SAHT PFC is seeking to partner with the Morgan Group on a new 301-unit mixed income development on 9 acres of land along E. Sonterra Boulevard in Council District 9. This apartment community has 15 units reserved for those at 50% AMI, 31 units reserved for those at 60% AMI, 105 units reserved for those at 80% AMI, and 150 units at market rents. The project is currently assembling financing for a late FY 2023/ early FY 2024 closing.
Palladium San Antonio Apartments
The SAHT PFC is seeking to partner with Palladium USA on a new 288 unit – 4% Low Income Housing Tax Credit development located on 18 acres of land at Military Rd and Old Pearsall Rd in Council District 4. All units will be rent and income restricted to families at varying incomes between 30% and 80% AMI and will provide for 1-to-3 bedroom units. 24 units will serve families at or below 30% of Area Median Income; 210 units will serve families at or below 60% of Area Median Income; 36 units will serve families at or below 70% of Area Median Income; 18 units will serve families at or below 80% of Area Median Income. The project is currently assembling financing for a late FY 2023/early FY 2024 closing.
Villas at Pecan Manor & Spanish Spur Apartments (Rehab)
The SAHT PFC is seeking to partner with the non-profit Pico Union to rehabilitate two apartment communities totaling 256 units through a combined 4% Low Income Housing Tax Credit Equity structured financing located at 6840 & 6835 Pecan Valley Drive in Council District 3. All units will be rent and income restricted to families ranging from 30 – 60% of Area Median Income and will provide for 1-to-3 bedroom units. The project is currently assembling financing for a late FY 2023 closing.
Westwood Plaza Apartments (Rehab)
The SAHT PFC is seeking to partner with the non-profit Pico Union to rehabilitate a 305-unit existing apartment community through a 4% Low Income Housing Tax Credit Equity structured financing located at 2600 Westward Dr near the Kel-Lac Transit Station in Council District 6. All units will be rent and income restricted to families at 60% of Area Median Income and will provide for E-to-2 bedroom units. The project is currently assembling financing for a late FY 2023/early FY 2024 closing.
Winston Square & Roselawn Apartments (Rehab)
The SAHT PFC is seeking to partner with the non-profit Pico Union to rehabilitate two apartment communities totaling 208 units through a combined 4% Low Income Housing Tax Credit Equity structured financing located at 2069 S. General McMullen and 3346 Roselawn Rd in Council District 5. All units will be rent and income restricted to families ranging from 30 – 60% of Area Median Income and will provide for 1-to-3 bedroom units. The project is currently assembling financing for a late FY 2023 closing.
425 San Pedro (PSH)
The SAHT PFC is seeking to partner with Franklin Development on a new 80 unit – 9% Low Income Housing Tax Credit development located on 1 acre of land at 425 San Pedro Ave in Council District 1. All units will be rent and income restricted to families ranging from 30-60% of Area Median Income and will provide 2-to3 bedroom units. The project is currently assembling financing for a FY 2024 closing.
The Mexican American Unity Council (MAUC), a 501(c)(3) nonprofit corporation, shall co-create a Westside Community Land Trust to serve twenty-five (25) census blocks with 112,600 residents. MAUC aims to serve low-income households between 30%-80% AMI to preserve the affordability of Westside properties. Owners of those Westside properties will not be displaced by foreclosure or other economic events and thereby maintain the socio-cultural fabric of the community. By ensuring the physical quality of the homes preserved, the carbon footprint will be reduced from one owner to the next.
The Esperanza Peace and Justice Center shall create the Esperanza Community Land Trust, designed to permanently preserve existing low‐income housing in San Antonio’s Historic Westside. The Trust will acquire and renovate older westside homes and rent/resell them to persons at or below 30% AMI. The Trust will create a Demolition Emergency Fund to work with households whose homes are at risk for demolition. In first year, the Esperanza Trust will renovate three newly acquired homes and prevent demolition of 8‐10 existing homes, preventing displacement of 11‐13 families at an average cost per unit of $23,077.
Habitat was awarded $200k to support the $2.89 million Rancho Carlota Subdivision, located at 13801 Watson Rd, which will eventually build out approximately 250 new three–four‐bedroom single‐family homes. The Trust will provide the gap funds necessary to compensate for increased construction-related costs for 20 newly constructed units at <60% AMI during Phase I of the project which totals 67 units. Homes are sold to income-qualified families for $95,000 with 0% mortgages for up to 25 years. Average cost per unit is $20,000.
Our Casas was awarded $240k as construction financing to support the infill vacant lot development of five single-family homes located on Vera Cruz, Santiago, and Chihuahua on the eastern side of Apache Creek located near the west side. The single‐family homes, when completed, will be sold to households at or below 80% of AMI. The land is currently owned by Our Casas. Assistance is being provided in the form of a 0% construction loan repayable in 12 months or at time of sale.
HFCC was awarded $829k to support Phase I construction of the Towne Twin Village, an $11.8 million permanent supportive housing development assisting seniors over the age of 50 who are experiencing chronic homelessness. The development is located on 17 acres at 4711 Dietrich Rd. on the east side. Phase I includes 42 tiny homes, 25 RV Trailers, multi‐purpose complex, hospitality pavilion, and centralized laundromat. SAHT funds will be used to construct an estimated 20 tiny homes at an estimated average cost per unit of $41,450.
San Antonio Housing Trust Announces Board Elections and Appointments
San Antonio Housing Trust Foundation, Inc.
Fountainhead Tower
8200 IH-10 West, Suite 501
San Antonio, TX 78230
210.735.2772
