San Antonio: City Council Gives Blessing to Southwest 324-Unit Affordable Housing Project
Feature Illustration (above): The image provided by Streamline Advisory Partners on its website to illustrate its proposed Old Pearsall Road Apartments project.
by Adolfo Pesquera
San Antonio (Bexar County) — City Council passed a resolution today in favor of a private developer’s plans to construct a 324-unit affordable housing complex in southwest San Antonio.
The Resolution of No Objection is in support of an application of 4% housing tax credit financing that the developer is seeking from the Texas Department of Housing and Community Affairs.
San Antonio-based Streamline Advisory Partners has selected a site near the southeast corner of Old Pearsall Road and Loop 410. It is adjacent to Rosemont at Miller’s Pond, another affordable housing project.
The location was targeted last year by the San Antonio Housing Authority for a similar project, a 345-unit complex reported by the project name Old Pearsall Flats.
However, SAHA did not close on the property and it remains in the private hands of a third party.
One impediment to Streamline’s application is its lack of community involvement, a necessary step in the scoring system used by TDHCA. This is a complication caused by the pandemic, as the city’s Neighborhood & Housing Services Department explained in a status report:
“The applicant was not awarded points for public engagement because they did not hold a public meeting per the rules outlined the policy and application. However, the developer plans to have a public meeting. The format and timing of the public meeting are still being determined in light of the developing COVID-19 situation.”
Aerial view of the general vicinity where Streamline Advisory Partners wants to construct its affordable housing complex. Image: Google Earth.
The value of the TDHCA tax credit award to Old Pearsall Road Apartments would be approximately $16.9 million over a ten year period. The total cost for this project will be approximately $51 million.
Of the 324-units, all will be rent restricted to 70% and below of area median income as defined by TDHCA’s Rent and Income Limit tool using U.S. Housing and Urban Development data.
The 4% application is anticipated to be considered by the TDHCA Governing Board in July 2020.
If approved, the estimated start date will be in October 2020 and the estimated project completion is April 2022.
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.