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Victoria Housing Finance Corporation Enters MOU on 250-Unit Affordable Apartment Project

Feature Illustration: A concept rendering of Odem Street Apartments, as presented to the Victoria Housing Finance Corporation.

Posted: 7-9-2021

by Adolfo Pesquera

San Antonio (Bexar County) — The Victoria Housing Finance Corporation recently entered into a Memorandum of Understanding with a San Antonio-based developer of rent-restricted apartment projects.

The proposal is for a 250-unit multifamily complex that would cap rents at 60% or less of the area median gross income on 40% of the units, or 100 units.

The developer, NRP Group, approached the Victoria HFC in April about becoming the bond issuer for 70% of the projected total development cost. Victoria HFC’s investment is not to exceed $32 million.

NRP Group intends to cover the remaining 30% by applying for a 4% non-competitive housing tax credit award from the Texas Department of Housing and Community Affairs, and raising the needed capital through its syndication to a financial institution.

The project name is Odem Street Apartments. It is located in the city’s southeast side and covers an expanse of agricultural land that stretches from the 2300 to the 2600 block of Odem Street.

The development is to include surface parking, a clubhouse with community amenities such as laundry facilities, a business center, children’s activity room, fitness center. There will also be a swimming pool.

The project will be a garden-style development with approximately nine walk-up buildings, three stories each in height. There will be a stand-alone clubhouse with amenities. One building may be proposed as four-stories, according to the NRP Group presentation.

Exterior materials will consist of stone, stucco, and siding. All units will be equipped with Energy-Star appliances. Landscape design will be determined as the project progresses further.

NRP Group anticipates closing on its financing by June 2022. Construction would then commence and continue through January 2024.

On June 25, the Victoria HFC board voted to approve the MOU, which establishes the public entity as a partner in Odem Street Apartments Ltd.

NRP Group put the 13.2-acre project site under contract through an option to buy agreement with the owner, Greater Mount Calvary Baptist Church and a third party. The partnership provides that the Victoria HFC would purchase and become the owner and lease the land to the partnership for 99 years.

Victoria HFC would serve as the general contractor and enter into a “master subcontractor” agreement. The master subcontractor will be an affiliate of NRP Group.

As of the signing of the MOU, NRP Group had not yet selected an architect, and submission of the 4% housing tax credit application to the state was still pending.

VBX Project ID 2021-5065

Aerial view of the proposed project site for the Odem Street Apartments. Image: Google Earth/VBX graphic.


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By |2021-07-09T14:58:24-05:00July 9th, 2021|Construction Preview, Feature Story|

About the Author:

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.

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