February 22, 2019
Developer Alamo Community Group got the go-ahead from San Antonio’s Historic and Design Review Commission for its 95-unit affordable housing project, Museum Reach Lofts. Construction on the $17.5-million project will begin in May 2019, with completion scheduled for late 2020.
The local affordable housing organization is planning to develop the property at 1500 N. St. Mary’s St. Seventy-seven of the units will be dedicated to families earning less than 60% of the area median income, nine of the units will be geared toward those who earn less than 30% of the AMI. The remaining units will be offered at market rates.
Museum Reach Lofts’ emphasis on affordability has garnered it plenty of incentives. The developers received tax credits from the Texas Department of Housing and Community Affairs, and more than $2.8 million in Tax Increment Reinvestment Zone incentives. Additionally, the project is eligible for assistance from the Center City Housing Incentive Policy (CCHIP).
This article has been updated to reflect the correct name of the project, Musuem Reach Lofts. Connect Media regrets the errror.
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