If the $150 million housing bond passes, it will greatly expand the city’s role in creating and preserving affordable housing, but it’s not entirely unprecedented.
San Antonio Housing Trust PFC
The San Antonio Housing Trust has introduced a new housing model that benefits the public more than developers, it says.
The downtown San Antonio apartment market, which city leaders went to such great effort to grow, has matured to a point where it is drawing major attention from out-of-town investors.
The area median income, or AMI, for the San Antonio-New Braunfels region has increased from $72,000 to $74,100 for a family of four.
The controversial Friedrich Lofts project on the East Side was approved Monday by the Housing Trust PFC board, which is composed of five City Council members, despite concerns of gentrification.
In mid-May, The Flats at River North, one of downtown’s largest mixed-use developments, began receiving its first residents.
The San Antonio Housing Trust and developer NRP Group are fielding offers to purchase the Cevallos Lofts, the 252-unit apartment building credited with spearheading growth in that area of Southtown since it was built in 2010.
Efforts by state lawmakers to rein in the use of public facility corporations, which provide lucrative tax breaks to developers building mixed-income apartment complexes, have remained under the radar at the Texas Legislature, with battles over voting and gun rights dominating the headlines.
A growing number of advocates are demanding that the City of San Antonio stop using property tax exemptions to build housing, while Texas lawmakers have a similar debate in Austin.