Bond Projects
As part of the City of San Antonio’s Strategic Housing Implementation Plan (SHIP) and the voter-approved $150 million housing bond, Opportunity Home San Antonio received funding to build new income-based communities and expand and renovate existing ones.
Opportunity Home received $17.3 million in housing bonds in December 2022 for the expansion of Alazan Courts ($8.2 million); renovations at Woodhill Apartments ($6.9 million), Cottage Creek ($1.7 million), and Pecan Hill ($438,000); and another $218,655 toward the Westside Reinvestment Initiative, which focuses on building affordable single family homes in the historic community with the aid of HOPE VI grants.
In June 2023, City Council voted on the city’s selection to fund 14 additional housing projects totaling $32.1 million. Four Opportunity Home San Antonio affordable housing projects were selected to receive $8.3 million in funding. The funding marked the third batch of housing bonds and federal funds allocated for affordable housing.
The four selected Opportunity Home projects included three rehabilitation projects (Victoria Plaza Apartments, Midcrown Senior Pavilion, and The Ravello) and one homeownership project (Westside Reinvestment Initiative).
The SHIP identified more than 28,000 affordable housing units needing to be built or preserved. Projects for this third batch of funding were selected through a bidding process with all city funded units requiring the acceptance of housing vouchers.
Alazán Expansion
The Alazán Expansion received $8.2 million and is on San Antonio’s historic Westside. The Alazán Expansion will include an additional 88 units in the community. Able City, the master planner overseeing the Alazán Expansion, completed its almost year-long master plan study in October 2022.
UPDATES COMING SOON!
Cottage Creek
Cottage Creek Apartments, a 449-unit family development, received $438,000 for rental rehabilitation.
UPDATES COMING SOON!
Midcrown Senior Pavilion
$2,500,000 has also been awarded to Midcrown Senior Pavilion, a 196-unit development serving elderly and disabled residents, for rehabilitation focused on Universal Design and energy efficiency features such as HVAC replacement and new appliances as well as security improvements.
UPDATES COMING SOON!
Pecan Hill Apartments
Pecan Hill Apartments, a 100-unit development serving senior adults, received $438,000 for rental rehabilitation.
UPDATES COMING SOON!
The Ravello
The Ravello, a 252-unit development serving senior adults 55 years and older, received $2,500,000 for rehabilitation focused on Universal Design and energy efficiency features such as HVAC replacement and new appliances, plus fire alarm and security improvements.
UPDATES COMING SOON!
Victoria Plaza Apartments
Victoria Plaza Apartments, a 185-unit development serving senior and disabled residents, received $2,500,000 for overall renovation, including new energy-efficient roof and stormwater capture improvements; and new solar panel system to offset electricity usage.
UPDATES COMING SOON!
Westside Reinvestment Initiative (WRI)
The Westside Reinvestment Initiative (WRI) will include 25 homes and is receiving $801,144 in bond funding. The funding is being utilized to maximize the ability for families whose income meets 60-80% of Area Median Income (AMI) to become homeowners and to support homeowners to not pay more than 35% of their monthly income on their monthly mortgage payment.
Bond funds are needed to increase affordability for homeowners by increasing the closing-cost subsidy awarded to each homeowner and maintaining current sale prices, despite the rising cost of construction. This will allow for a lower home loan by providing funding to buy down the mortgage and rate. Maintaining current sale prices will also allow WRI to target families at 60-80% AMI who would otherwise not qualify for homes priced at market rate, which meets the Request for Proposal (RFP) requirements.
Updates
The first five homes are under construction, and are estimated for completion by April 2024. The next phase of the project is the Palm Lake Subdivision, and will include four new homes. This is currently undergoing environmental soil clearance and the timeframe is still being established.
The first five homes are under construction for Opportunity Home’s Westside Reinvestment Initiative (WRI) project (photos taken Feb. 20, 2024).
Woodhill Apartments
Woodhill Apartments, a 532-unit family development, received $6.9 million for rental rehabilitation.
UPDATES COMING SOON!