With construction costs and interest rates soaring, San Antonio developers are struggling to make the numbers work for their affordable housing projects.
Today, the City of San Antonio is due to formally begin the process of finding developers to build and preserve apartments, and build houses, as part of the $150 million housing bond.
The cost to build Cattleman Square Lofts has ballooned by $6 million since January.
A financial tool used to help fund affordable housing was recently repurposed for the San Antonio Zoo, the Witte Museum, Garden and Brackenridge Park, a move that has some nonprofit developers scratching their heads.
Calls for spending all $150 million in potential housing bond dollars on San Antonio’s most vulnerable populations permeated the housing bond committee’s second meeting held Wednesday night at the Henry B. Gonzalez Convention Center.
Over the past few months, San Antonio’s Housing Commission has worked to craft a universal definition of “affordable housing.”
The University of Texas at San Antonio and the nonprofit Alamo Community Group have placed bids on a small cluster of office buildings and parking lots at 811 W. Houston St. that’s owned by the Alamo Colleges District.
Bill Shown, managing director of Pearl developer Silver Ventures, said his group is “very interested” in building affordable housing as the development expands in the coming years.