SAN ANTONIO — San Antonio voters passed a $150 million bond last May to help pay for affordable housing. The council approved one round of housing projects in December and a second round yesterday.
Round two authorizes $35,022,547 for housing investments through "Bond funding, Community Development Block Grants (CDBG), the HOME Investment Partnerships Program (HOME) and City General Funds," according to a city press release.
The funding will pay for 13 different projects including 88 new home units, 920 new apartment units, and the rehabilitation of 1,130 additional apartment units across five properties.
The release also said 559 of the housing options would be designated for families to rent if they are "at or below 50% of the Area Median Income (AMI), which is $43,900 a year or less for a family of three, or to purchase a home if they are at or below 80% AMI, which is $63,200 a year or less for a family of three."
The projects also include 423 units designated for families that make below 30% of the Area Median Income (AMI) or less than around $20,000 a year.
Neighborhood Housing Services Department Deputy Director Ian Benavidez told KENS 5 Friday the City of San Antonio has created a plan to produce or preserve around 28,000 units within 10 years. He said they are working with San Antonio Development Services to identify additional opportunities.
"We are working together with development services to identify opportunities and are working to create a database that is coming on the end of their affordability period, or rent restriction period, so we can renew it and those aren't lost," Benavidez said.
With housing in high demand, owners and developers could be tempted to renovate and increase rent for greater returns. Benavidez said the bond money can be used to renovate properties for affordable housing that will still provide competitive profits for those owners.
"We want to continue to preserve the housing that is here so it is not lost. So residents aren't displaced from their neighborhoods. At the same time, we want to build new housing," Benavidez said.