Brooks Development Authority, the organization responsible for developing the former USAF base near San Antonio, has announced plans for two new affordable apartment complexes. The first complex, Brooks Family, will consist of 340 units and will be located at the northwest corner of Research Plaza and Challenger Drive. Next to it will be Brooks Senior, a 240-unit project specifically designed for senior living.
In order to fund these projects, Brooks intends to apply for housing tax credits from the Texas Department of Housing and Community Affairs. These units will be available to individuals with incomes ranging from 30% AMI (area median income) up to 70% AMI.
The total cost estimate for both developments is $139.5 million dollars; $85.8 million allocated towards building the apartments and $53.7 million towards constructing the senior living facility. This venture is being led by a partnership between Lincoln Avenue Capital and San Antonio Housing Trust.
Construction on both projects is scheduled to begin in July of 2024 with completion expected by July of 2026.
