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Workers are building the Commons at Acequia Trails, an apartment complex funded in part by San Antonio\u2019s housing bond. The city is distributing the final chunk of money from the $150 million bond.<\/p>\n
Andrew J. Whitaker\/San Antonio Express-News<\/p>\n
The city of\u00a0San Antonio is committing the last chunk of money\u00a0from its first-ever housing bond<\/a> to renovating a historic building, constructing apartments and helping organizations buy single-family homes for community land trusts.<\/p>\n The City Council on Thursday unanimously approved doling out $20.7 million. That includes the last $12.2 million from the $150 million bond and $8.5 million from two federal programs \u2014 to buy, build or rehabilitate 576 apartments and single-family homes for residents making less than the median income in the area.<\/p>\n Article continues below this ad<\/p>\n An arm of the San Antonio Housing Trust will get $10.1 million, including $7.5 million from the bond, to rehabilitate the Robert E. Lee Apartments at 111 W. Travis St. and build 68 apartments at the Vida master-planned community near Texas A&M University-San Antonio.<\/p>\n An entity affiliated with Dallas-based Generation Housing Partners will get $2.5 million to build 86 apartments at the intersection of Loop 410 and Medina Base Road on the Southwest Side.<\/p>\n RELATED: Voters approved $150M for affordable housing. Where is the money going?<\/a><\/p>\n Local\u00a0nonprofits Culturingua and the Esperanza Peace & Justice Center will get $1.5 million and $681,400, respectively, from the bond to buy and fix up houses for land trusts<\/a>.<\/p>\n Article continues below this ad<\/p>\n In such a trust, people of modest means \u2014 who have to meet certain income requirements \u2014 buy a house and lease the land underneath it from the organization, lowering the purchase price and property taxes.<\/p>\n Culturingua\u2019s Silk Road land trust would cover a 15-square-mile area on the Northwest Side stretching from Loop 1604 to the north, railroad tracks to the east and Culebra Road to the south and west. Esperanza\u2019s land trust is focusing on the near West Side.<\/p>\n The funds will help the Silk Road trust acquire homes and keep them affordable, giving renters a way to purchase a home without having to move elsewhere, said Nadia Mavrakis, co-executive director of Culturingua.\u00a0<\/p>\n \u201cWith rising prices, there\u2019s risk of displacement,\u201d she said. \u201cWe want to make sure that people who are renters have a pathway to homeownership in their current community.\u201d<\/p>\n Article continues below this ad<\/p>\n From federal programs, Cleveland, Ohio-based NRP Group will get $1.7 million to build 288 apartments. Habitat for Humanity of San Antonio will get $3.9 million to build infrastructure for 47 homes. And Our\u00a0Casas Resident Council will get $225,000 to build four homes.<\/p>\n Michael Taylor, president and CEO of Habitat, told council members that acquiring and preparing land for development is expensive. He said the funds will be spent on streets, sidewalks and water and sewer mains for houses in the new Rancho Verano neighborhood.<\/p>\n Monthly payments for three- and four-bedroom homes the nonprofit will sell will be about $900, an \u201cexceptionally affordable\u201d level, Taylor said.<\/p>\n \u201cWe are very excited about this neighborhood that is on the booming South Side and within walking distance to an elementary school, a middle school and a high school,\u201d Taylor said. \u201cThese grant funds will leverage millions more in donations from individuals, faith and civic groups and the business community to make home-building possible.\u201d<\/p>\n Article continues below this ad<\/p>\n Among the housing receiving bond dollars, 94 single-family houses and apartments would be for people making up to 30% of the median income, or about $20,300 annually for one person or $23,200 for a couple, according to city figures.<\/p>\n Another 72 units are for people earning up to 50% of the median income, 221 for people making up to 60% of the median income, 131 for people making up to 70% of the median income and 58 for people making up to 80% of the median income.<\/p>\n City staff said they received 13 proposals from developers and nonprofit\u00a0organizations requesting $44.8 million in response to a request for pitches for the final bond dollars and federal funding.<\/p>\n<\/p>\n