Let’s be honest — whether you’re buying your a first home or just switching apartments, finding housing can be stressful. The overall cost of living in San Antonio is lower than both the national and state average, but some local residents need additional assistance when it comes to housing. Cue the city’s affordable housing projects and its latest batch of approved funding totaling $17.2 million.
The outline
The new round of funding will contribute to projects that will produce or preserve 929 homes. Of these home, 711 are affordable for families at or below 60% of the Area Median Income (AMI) and 424 are affordable for families at or below 50% AMI. Think: $39,850 per year or less for a family of three.
The Affordable Housing Bond (a $150 million bond approved by voters in May 2022) has now invested in 4,344 new + preserved homes at a range of affordability options in alignment with the city’s Strategic Housing Implementation Plan. This includes 1,192 for families at 30% AMI or below and 322 are permanent supportive housing (PSH) to support those experiencing homelessness.
Awarded projects
Rental Housing Production and Aquisition
Developer Palladium USA International, Inc. received $2 million in funds for Palladium San Antonio — a 288-units apartment complex (158 units available for families ranging from 30% to 80% AMI) in District 4. Additionally, the city gave $4.25 million to the project.
Rental Housing Acquisition, Rehabilitation, and Preservation
The Preserve at the Port, by Port SA Redevelopment LP, in District 5 will get $5.5 million to produced 360 affordable units opening in August.
Permanent Supportive Housing
Housing First Community Coalition, Inc. will receive $6.4 million for Towne Twin Village and plans to add 80 one-bedroom apartments in District 2. Lastly, $3.6 million will be given to San Antonio Metropolitan Ministries for The Commons at Acequia Trails, a 201-unit complex of studios in District 3.
