Nonprofit Scores $38M for Affordable Project In San Antonio

A local affordable housing nonprofit scored $38 million for a project in San Antonio.

The funds, coming from 4 percent state tax credits, will help Alamo Community Group build Cattleman Square Lofts at 811 West Houston Street, the San Antonio Business Journal reported.

Planned are 138 residential units, all of which will be marketed as affordable, including 21 apartments reserved for those earning 30 percent of the area median income.

The $38 million accounts for a majority of the cost of the development, which also received a $2 million from a City of San Antonio housing bond.

“We hope to close in May,” Alamo Community Group Executive Director Jennifer Gonzalez told the outlet. “That’s our anticipated closing. Then it takes us about 30 days or so to ramp up, get situated on the site and then start construction.”

Gonzalez said she hopes the Cattleman Square project will spur further development in an area that hasn’t seen as much construction as downtown and other nearby neighborhoods.

“I think it’s going to be the first of many projects that are going to start to come to that area,” she told the outlet. “And I think in the future, folks are going to recognize that the first one — the pioneers that came in, took the risk and leap of faith — was Alamo [Community Group].”

A few miles west, Sovereign Properties will build a 312-unit, six-building market-rate complex at the southern corner of Nationwide Drive and Texas State Highway 151 this coming July.

Construction on Cattleman Square is set to begin this summer with Concept Builders as the general contractor and the SAGE Group as the architect.

— Victoria Pruitt