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Oct 30, 2023

240 affordable housing units planned for north SA

SAN ANTONIO – Indiana-based Pedcor Companies plans to put 240 apartments on 37 acres at US 281 and E. Borgfeld Dr. The firm recently purchased the lot with help from a $3.9 million First Merchants...
By
San Antonio Business Journal

SAN ANTONIO – Indiana-based Pedcor Companies plans to put 240 apartments on 37 acres at US 281 and E. Borgfeld Dr.

The firm recently purchased the lot with help from a $3.9 million First Merchants Bank loan.

A partnership with the San Antonio Housing Trust, the complex will be called Creek Bend Phase II Apartment Homes, as the original Creek Bend Apartments are less than a mile away.

Pedcor expects the project to cost about $70.3 million. The company plans to apply for 4 percent housing tax credits in 2024 or 2025, with an anticipated construction start in 2026. Pedcor plans to receive approximately $27 million in tax credits over a ten-year period.

Every unit’s rent would run from 30 to 60 percent of the area median income. The project includes 72 one-bedroom units with projected rents starting at $435, 132 two-bedroom units with projected rents of $524, and 36 three-bedroom units with rents at a minimum of $603.

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