Converse: TDHCA to Fund 216-Unit Affordable Multifamily
Feature Illustration: The elevations of the apartment buildings for The Montage Apartments. Courtesy: Herman & Kittle Properties Inc.
by Adolfo Pesquera
Converse (Bexar County) — The governing board of the Texas Department of Housing and Community Affairs is expected to agree to fund The Montage Apartments, a 216-unit affordable housing apartment complex.
Included in their January 14 agenda is an inducement resolution to issue Multifamily Housing Revenue Bonds Series 2021 and a determination notice in favor of 4% housing tax credits.
The developers of The Montage Apartments requested the tax credits Oct. 2, and a Certification of Reservation was issued shortly before that for $35 million.
The bond delivery deadline is March 15, 2021.
The Montage Apartments will be located on an undeveloped 13-acre lot at 7554 FM 78, about a block east of Walzem Road in Converse’s extra-territorial jurisdiction.
The complex is to consist of five 3-story apartment buildings with a net rentable area of 222,972 square feet and a clubhouse, swimming pool, playground with canopy, dog park and surface parking sufficient for 363 vehicles.
Parking amenities include eight garage bays with space for 39 vehicles, and 72 storage units. There is also a maintenance shop.
The one-story clubhouse has an area of 3,353 SF. In addition to the leasing and staff offices, it will have a community room, kitchen, library, restrooms, business center, and fitness center.
All 216 units will be income restricted at 60% of the area median family income. The unit mix is 60 one-bedroom/one bath; 96 two-bedroom/two bath; and 60 three-bedroom/two bath.
Unit sizes are to range from approximately 770 square feet up to 1,283 square feet.
The development team is comprised of a collaboration between Saddlespur Pass Apartments SLP LLC and Bexar Management and Development Corp. (a Texas public facility corporation).
The architect and contractor is Herman & Kittle Properties Inc. of Indianapolis, Indiana.
Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.