San Antonio Welcomes New High-Quality Affordable Housing with Vista at Silver Oaks
August 2, 2023
Groundbreaking Event Celebrated New Era for Housing in North Central San Antonio
Opportunity Home San Antonio in partnership with an affiliate of Atlantic Pacific Companies (A|P), OCI Development, the City of San Antonio, PNC Bank, and Stellar Bank were joined by San Antonio leaders on Aug. 2, to celebrate the new construction of Vista at Silver Oaks, a new affordable housing community and a recipient of 2022 Affordable Housing Bond funds in North Central San Antonio.
“Vista at Silver Oaks is a tangible representation of housing affordability made possible by the affordable housing bond,” said City of San Antonio Mayor Ron Nirenberg. “It delivers on the promise of creating and expanding housing opportunity for all through partnership and determination.”
Rental prices will range from $593 to $1,370 for two- and three-bedroom units, and all are set aside for residents with qualified income up to 60% of the Area Median Income (AMI). A utility allowance will also be provided to all residents to help offset their utility expenses.
Eight of the units are deeply affordable for individuals or families who earn less than 30% AMI, which is an annual income of less than $23,750 for a household of three. An additional 22 units are reserved for households making 50% AMI, which is an annual income of less than $28,500 for a household of three.
“Affordable housing is needed in every corner of our City,” said City of San Antonio District 9 Councilman John Courage. “San Antonio is one of the most economically segregated cities in the nation and affordable options like Vista at Silver Oaks will provide residents a safe place to live where they work, learn and play. With more options for our neighbors, we are giving families a chance to thrive, fostering a stronger, more inclusive community. This achievement is a collective triumph, and I’m honored to have this opportunity come to District 9.”
Located near San Antonio International Airport, the new residential community is located in a high opportunity area, which is defined by the Texas Department of Housing and Community Affairs (TDHCA) as an area that provides greater opportunities for residents including high-performing schools, low poverty rate, higher median household income, and great close proximity to services.
Vista at Silver Oaks has 76 two- and three-bedroom apartment homes complimented by business and fitness centers as well as laundry facilities. The property will host monthly on‐site social events such as potluck dinners, game night, and movies, tax preparation classes, health and wellness programming and an annual safety fair provided by local first responders. The development is also partnering with local non‐profits that provide supportive services including a food pantry and case management services.
“It can be a challenge to build affordable housing on the northside of San Antonio due to higher land prices,” said Tim Alcott, Chief Legal and Real Estate Officer of Opportunity Home San Antonio. “We are tremendously fortunate to be able to build this development in a location near jobs, high-quality schools, and a major transportation corridor.”
The project is designed with residents in mind, including children and multi-generational households. All living spaces will have at least one ADA accessible pedestrian route to the unit, and at least 5 percent of units will be set aside for the mobility impaired with additional units designed specifically for the hearing and/or visually impaired. Residents and their guests will enjoy outdoor play areas, green spaces, recreational areas, and safety features.
“OCI Development is proud to be a part of our community’s shared vision of creating more equitable access to high quality affordable housing. Along with our partner, an affiliate of Atlantic Pacific Companies, we remain invested in community-focused and relationship-based development that will continue to positively transform San Antonio now and for years to come,” Anita Fernández, Partner & Co-Founder of OCI Development.
Building design will prioritize energy efficiency, sustainable water reduction features, resilient building and weatherization practices, residential storm water control features, and/or other innovative and bold strategies to reduce the environmental impacts of development and lower energy costs for residents.
“PNC has been a leader in developing and rehabilitating affordable housing for years, and we are proud to have invested nearly $18 million in Low Income Housing Tax Credit equity to the Vista at Silver Oaks project,” said Chris Sherman, PNC Regional President for San Antonio. “As housing affordability continues to be a challenge for Americans across the U.S., we remain committed to increasing and preserving the supply of affordable rental housing in San Antonio and beyond.”
The new community will also integrate high-speed, reliable, and affordable internet and mobile infrastructure into the design plan.
“It has been an honor to work with OCI Development, Opportunity Home San Antonio, and the City of San Antonio to develop this high-quality affordable housing community and we look forward to continuing our effort to serve more families in need throughout the City of San Antonio,” said Dan Wilson, A|P Executive Vice President.
Vista at Silver Oaks was awarded $3.3 million in Affordable Housing Bond funding in December 2022 for rental production. Vista at Silver Oaks is the second project from the 2022 Affordable Housing Bond to break ground.
“As we begin to see projects supported by the Affordable Housing Bond break ground, we are thankful for partnerships from organizations who are dedicated to increasing the affordable housing supply for San Antonio,” said Veronica Garcia, Director of Neighborhood and Housing Services for the City of San Antonio. “Vista at Silver Oaks is a demonstration of a community that supports renters with more than just a home.”
The development is projected to be completed in Summer 2024 and will begin pre leasing prior to completion.