SAN ANTONIO — There's a 500-acre park across the street, major employers nearby, it's on a bus route and it will have all the modern amenities that people who pay market rates for an apartment expect.
But developers say Leon Creek Flats, across from Pearsall Park in southwest San Antonio, will be far less expensive, thanks to a partnership driven by the city's 2022 affordable housing bond.
Site work is well underway on the development, which will have 308 units, but an official groundbreaking was celebrated Wednesday morning.
Mayor Ron Nirenberg told the crowd, "This now marks the third groundbreaking that is part of our first ever $150 million affordable housing bond for the City of San Antonio so this is wonderful news!"
Dr. Adriana Rocha Garcia, who represents District 4, said she was very glad to see dirt turning.
"We know that city government sometimes doesn't work that fast, but I feel like in housing matters, we have tried to act as fast as possible," Rocha Garcia said, congratulating all the partners for working together.
Lincoln Avenue Communities (LAC), a company that specializes in affordable developments, leads the project.
Blake Hopkins, with LAC, said "This will be 100% affordable, at or below 60% of the Area Median Income and 47 units or 15% of the total that will be income and rent restricted at 30% of the AMI, so that means deeply affordable."
Citing one example, Hopkins said a family of four could have a total annual income of about $26,000 to qualify for one of the most affordable units.
Hopkins said the bond financing made it possible to provide excellent value.
"On the site we will have the full amenity package for the residents with a swimming pool with a BBQ area, a playground for children, a dog park and a resident garden."
Hopkins said each home will have granite counters, energy efficient appliances, balconies and patios.
Nirenberg added, "We are showing proof of performance for the San Antonio taxpayer that when they invest in community we can do so much more together and seeing an affordable, quality development like this on the southside, Leon Flats, is just an awesome thing."
Thom Amdur of LAC said their market research shows residents will be paying far less for rent than other nearby developments.
"About $1,000 less than they would be in comparable market rate apartments in this area and when you think about the impact of that amount of additional resources in a family's pocket, that's the ability to be able to pay for child care, to save for your retirement, to save for college to not have to make those hard choices between food and rent or healthcare," Amdur said.
Amdur said, "These are long term investments in the community. This community will be affordable for at least 30 years, and hopefully much longer than that and you will see that jobs will come and other development will come to this area because of the stable community that we will be operating."
Hopkins said construction will take at least 16 months, but the six buildings will be finished one at a time, so some apartments may be available more quickly than others.
There will be an extensive outreach campaign a few months before it is time to move in to give people a chance to apply.
More information about the company can be found here:
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