$55M Affordable Rehab Project Wraps Up in San Antonio
The development merged two income-restricted communities.
A partnership of PROSPERA Housing Community Services, Bexar County and the City of San Antonio has wrapped up the $55.4 million, 234-unit rehabilitation project involving the merger of two adjacent affordable communities in San Antonio.
Dubbed Arbors at West Avenue, the project consisted of the renovation of the 150-unit West Avenue Apartments and the demolishing and rebuilding of the 84-unit Arbor Place.
Carrying the address 3747 West Ave., the property is in the Dell View neighborhood, about 6 miles northwest of downtown San Antonio. Numerous transit stops are within walking distance, while Interstate 10 is about 2 miles away.
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Floorplans feature one- to four-bedroom layouts ranging between 684 and 1,242 square feet. The community caters to residents earning between 30 and 80 percent of the area median income, with the majority of homes restricted at 50 percent of AMI.
Amenities comprise a community center, clubhouse and playground, as well as a swimming pool. Additionally, residents may access services such as education, employment support and afterschool programming.
Funding for the project included:
- LIHTC allocated by the Texas Department of Housing and Community Affairs and leveraged into more than $22 million equity
- $2 million in Affordable Housing Bond funds
- $750,000 from the Federal Home Loan Bank of Dallas’ Affordable Housing Program grant issued through Wells Fargo
- $750,000 in HOME Investment Partnerships Program funds from the City of San Antonio
- $600,000 in HOME Investment Partnership funds from Bexar County
- $500,000 in Community Development Block Grant financing
With Arbors at West Avenue’s opening, more than 4,300 units have been built or preserved through San Antonio’s Affordable Housing Bond. The community also marked the first rental rehabilitation project to debut with support from the city’s 2022 Series Bonds.
Affordable San Antonio deliveries to peak this year
San Antonio’s affordable inventory grew by more than 710 units during the first three months of the year, according to Yardi Matrix data. The figure was 12.3 percent higher compared to the average quarterly affordable housing completions dating back to 2023.
The market still had more than 5,340 affordable units underway as of April, the data provider shows. Out of them, 3,845 are expected to come online this year, an annual record high.
One affordable San Antonio project slated for delivery this spring is Vista at Reed. Atlantic Pacific Cos., in partnership with Opportunity Home San Antonio, broke ground on the 56-unit development last year.
