Resolution of No Objection for the Texas Department of Housing and Community Affairs Non-Competitive 4% Housing Tax Credits for the construction of Quantum Drive, a 400-unit affordable multi-family rental housing development located at Quantum Dr in Council District 4. [Justina Tate, Interim Assistant City Manager; Veronica Garcia, Director, Neighborhood and Housing Services Department]

Summary

This item concerns a Resolution of No Objection for the Texas Department of Housing and Community Affairs (TDHCA) Non-Competitive 4% Housing Tax Credits for the construction of Quantum Drive, a 400-unit affordable multi-family rental housing development. The project, located in Council District 4, will be developed by San Antonio Leased Housing Associates I, LP. The TDHCA tax credit award is valued at approximately $60.7 million over ten years, with a total development cost of approximately $151.8 million. The development will include a mix of unit sizes, with a significant portion serving families at 60% AMI and below, and an additional 40 units serving families at 30% AMI and below. The project aligns with the Strategic Housing Implementation Plan (SHIP) goals for affordable rental units. Construction is anticipated to start in December 2026 and complete in June 2029.

Citizen Impact

This project will add 400 affordable rental housing units to Council District 4, with a focus on serving families earning at or below 60% of the Area Median Income (AMI). This development aims to increase the availability of affordable housing options for low-income families in the area.

Confidence

high