San Antonio: Funding Tapped for Kitty Hawk Flats Multifamily Project
Feature Illustration: The elevations for one of the four building types to be used at the Kitty Hawk Flats apartment project. Courtesy: TDHCA records.
by Adolfo Pesquera
San Antonio (Bexar County) — The financing for a $40 million apartment project in northeast Bexar County is underway now that a state agency has awarded tax credit assistance.
On Sept. 3, the Texas Department of Housing and Community Affairs Governing Board awarded 4% low income housing tax credits to the developer of Kitty Hawk Flats, a proposed 212-unit affordable housing community that will be located at the northeast corner of Kitty Hawk and O’Connor Roads.
The tax credit is used to leverage construction loans under terms that allow the developer, NRP Group, to offer the units at below market rates to eligible renters. In this case, the tenants would show incomes of between 30% and 70% of the area median income.
Following the TDHCA decision, the lending sponsor, Bexar County, initiated the loan process. On Tuesday, the Bexar County Economic & Community Development office posted notice that it will submit a request to the Department of Housing and Urban Development for the release of federal funds.
The NRP Group’s special purpose entity that will hold title is NRP Lone Star Development, LLC. NRP Group only contracts with contractors that are registered through their development office.
The total project estimated cost is $39,908,999 which includes the HUD HOME Federal Funding. The construction phase of costs is about $25 million.
VBX first reported on the Kitty Hawk Flats in a July 2019 article, when the San Antonio Housing Authority was considering it as one of their future projects.
The development will consist of one- two- three- and four-bedroom units in eight apartment buildings, all of them being three stories in height. Indoor Amenities will include a business center, a club room with a kitchen, a conference room, a fitness center, and children’s activity center.
Total square footage of the apartment units, community center/lease office, laundry room/maintenance building is 227,700 square feet.
Outdoor amenities include a children’s play area, full perimeter fencing, and controlled access gates.
There will also be a leasing office and a staff workroom and file room. There will be a separate building that has laundry facilities for tenants and a maintenance area for staff.
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.