Opportunity Home Self-Develops Most Affordable New Multi-Family Apartment Complex
Oct. 18, 2022
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Opportunity Home San Antonio will begin construction on Snowden Apartments, its first self-developed, multi-family apartment with more than 50 percent of its units slated to provide affordable housing options for older adults at 0 – 30% AMI – making this newly-constructed apartment the most affordable development in the Opportunity Home portfolio.
The $34 million development is located in the Medical Center area and will contain 135 one- and two-bedroom units for individuals 62 years old and older.
Fourteen units will be allocated for residents who earn 0–30% of the AMI, 54 units for those who make up to 50% AMI and 67 units who make up to 60% AMI.
The 54 units at 50% and 60% AMI will be layered with a Project Based Voucher to deepen the affordability of the units to serve families with a typical income at 15% AMI.
“Our organization is fortunate to have secured the funding needed to increase affordable housing for older adults who make up about 50 percent of the individuals who receive affordable housing assistance,” Opportunity Home President and CEO Ed Hinojosa, Jr., said. “The families we serve can find comfort in knowing they have a home they can afford.”
Opportunity Home was awarded a 9% tax credit allocation from the Texas Department of Housing and Community Affairs (TDHCA) to develop the community, in addition to PNC Bank acting as the financial partner who will provide the debt and equity for the development.
Amenities include a hair salon, beach entrance swimming pool, on-site walking trails and energy-efficient appliances.