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**San Antonio Development Team Secures $107M for Affordable Housing Project**
A major affordable housing initiative is moving forward on San Antonio’s East Side after securing $107 million in financing. The new development, known as Central at Commerce, will bring 279 affordable rental units to a long-vacant lot located at 1231 E. Commerce Street.
The project is the result of a joint venture between Opportunity Home, the city’s public housing authority, and Indiana-based developer The Annex Group. Funding sources for the project include $64 million in bonds issued by Opportunity Home through a public facility corporation, a $37 million loan from Cedar Rapids Bank and Trust, and $6 million in affordable housing bond funding from the City of San Antonio.
Despite an earlier estimated development cost of $91 million, the total financing now stands at $107 million, reflecting expanded scope and costs.
The income-restricted units will be offered at varying affordability levels:
– 139 units will be available to residents earning 70% of the Area Median Income (AMI)
– 67 units at 50% AMI
– 42 units at 60% AMI
– 31 units at 30% AMI
Evolve Architects has been tapped to design the project, which is part of the city’s larger push to address housing affordability and revitalize underserved neighborhoods.
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