Opportunity Home Affordable Housing Projects to Receive City and Federal Funding
June 8, 2023
As part of the local housing bond and federal grants, the City of San Antonio has selected four Opportunity Home San Antonio affordable housing projects to receive $8.3 million in funding.
On June 8, City Council voted on the city’s selection to fund 14 housing projects totaling $32.1 million. City Council approved four Opportunity Home projects, consisting of three rehabilitation projects (Victoria Plaza Apartments, Midcrown Senior Pavilion, and The Ravello) and one homeownership project (Westside Reinvestment Initiative).
Victoria Plaza Apartments, a 185-unit development serving senior and disabled residents, will receive $2,500,000 for overall renovation, including new energy-efficient roof and stormwater capture improvements; and new solar panel system to offset electricity usage.
$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.
The Ravello, a 252-unit development serving senior adults 55 years and older, will receive $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.
In addition, the Westside Reinvestment Initiative (WRI), including more than 20 units, will receive $801,144. Bond funding will be 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.
“The support of the City of San Antonio through the housing bond and federal funds is critical to providing access to affordable housing for the city’s most vulnerable populations,” said Opportunity Home President and CEO Ed Hinojosa, Jr. “It will also have a positive impact on the revitalization of the Westside, increasing opportunities for housing for its residents. The funding of these projects continue to advance the mission of Opportunity Home and help to transform the lives of those we serve.”
As part of the City of San Antonio’s 2021 housing plan and the voter-approved $150 million housing bond, the funding marks the third batch of housing bond and federal funds allocated for affordable housing. The plan 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.