A supportive housing development in San Antonio has received a financial boost from the Texas Department of Housing and Community Affairs.
The state recommended approximately $2.72 million in 4 percent low-income housing tax credits for the Commons at Acequia Trails, a development being led by local nonprofit SAMMinistries, the San Antonio Business Journal reported.
The six-building complex will spread across 7 acres along South Presa Street, with an estimated cost of $57.7 million. The number of units wasn’t reported.
The development is a joint effort between SAMMinistries and the San Antonio Housing Trust, with additional funding coming from Citibank and San Antonio’s Affordable Housing Bond, which is contributing $15 million. The project is part of a larger initiative on 56 acres that includes plans for a 25-acre public park, alongside more than 20 acres of buildable land for future development.
The South Side complex aims to provide much-needed supportive housing to the area’s homeless population, which lacks adequate facilities with wraparound services. San Antonio City Council recently approved a zoning change for the property.
Construction is expected to begin in February.
San Antonio is also pursuing initiatives to drive more affordable housing development through transit-oriented zoning changes that encourage high-density, mixed-use developments along the planned Green Line.
Officials are also considering incentives such as tax increment reinvestment zones and density bonus programs to attract more investment in affordable housing. Additionally, the San Antonio Housing Trust recently acquired land in Cattleman Square to support the development of more affordable housing and counteract gentrification pressures.
The city recently lost millions of dollars in state housing tax credits after the City Council rejected a zoning request for an affordable apartment complex on the Northeast Side.
— Andrew Terrell
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