San Antonio Affordable Housing Community Breaks Ground
The $28 million development will comprise 76 units.
Opportunity Home San Antonio and Atlantic Pacific Cos. have broken ground on Vista at Silver Oaks, a 76-unit affordable housing community in San Antonio, Texas. The developers also partnered with OCI Development, the City of San Antonio, PNC Bank and Stellar Bank to complete the project.
Upon its expected completion in summer 2024, Vista at Silver Oaks will serve residents earning up to 60 percent of the area median income. A total of 22 units will be reserved for families of individuals earning less than 50 percent of the AMI, while eight deeply affordable units will be designated for households earning below 30 percent of the AMI.
The newly constructed building will incorporate two- and three-bedroom floorplans. Common-area amenities are set to include a fitness center, a business center and laundry facilities. The community will also feature health and wellness services, case management services, a food pantry, notary services, tax preparation classes and recreational programs.
The development is situated in an Opportunity Zone in San Antonio’s Hill Country Village submarket. Located at the intersection of Brazil Drive and Silver Oaks, the site is within walking distance of Phil Hardberger Park, as well as several dining options, schools and retail centers such as Lockhill Village Shopping Center and North Salado Village.
Selected by the city council
Last year, The San Antonio City Council approved a total of $38.5 million in housing bond proceeds and $5.31 million in various federal funds to aid affordable housing in the city. Vista at Silver Oaks was one of the two new developments selected by the city officials, along with other 12 already existing properties. Estimated at the cost of $28 million, the project received approximately $3.3 million in bond proceeds, according to Opportunity Home officials.
PNC’s Regional President Chris Sherman said to Fox San Antonio that the company invested some $18 million in Low Income Housing Tax Credit equity in the Vista at Silver Oaks project.
Atlantic Pacific Cos. and Harris County Housing Authority recently opened The Arbor at Wayforest, a 192-unit affordable community in Houston. The $36 million project was partly financed through Harris County’s Community Development Block Grant – Disaster Recovery.