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240 affordable housing units planned for north SA240 affordable housing units planned for north SAhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=301052023-10-25T05:00:00Z2023-10-30T21:00:00Z

SAN ANTONIO – Indiana-based Pedcor Companies plans to put 240 apartments on 37 acres at ​US 281 and E. Borgfeld Dr.

The firm recently purchased the lot with help from a $3.9 million First Merchants Bank loan.

A partnership with the San Antonio Housing Trust, the complex will be called Creek Bend Phase II Apartment Homes, as the original Creek Bend Apartments are​ less than a mile away.

Pedcor expects the project to cost about $70.3 million. The company plans to apply for 4 percent housing tax credits in 2024 or 2025, with an anticipated construction start in 2026. Pedcor plans to receive approximately $27 million in tax credits over a ten-year period.

Every unit's rent would run from 30 to 60 percent of the area median income. The project includes 72 one-bedroom units with projected rents starting at $435, 132 two-bedroom units with projected rents of $524, and 36 three-bedroom units with rents at a minimum of $603.

San Antonio Business Journal
San Antonio-New Braunfels
Multifamily
https://www.bizjournals.com/sanantonio/news/2023/10/25/affordable-housing-north-side.htmlRead more at {Source}

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