DEPARTMENT: Department of Planning and Community Development
DEPARTMENT HEAD: John Dugan
COUNCIL DISTRICTS IMPACTED: Council District 9
SUBJECT:
Award of $750,000.00 in FY 2014 Home Investment Partnerships Program (HOME).
SUMMARY:
An ordinance authorizing the award of funds in an amount not to exceed $750,000.00 in FY 2014 Home Investment Partnerships Program (HOME) multi-family set aside funds to NRP Group, LLC as gap financing for the Emerald Village Project located in City Council District 9; and authorizing payment.
BACKGROUND INFORMATION:
Emerald Village is proposed as a 144 residence multifamily rental development located on 8.5 acre undeveloped site at NW Loop 1604 & Corporate Woods Drive, San Antonio, Texas 78259. This $21 million new community is a partnership between the local non-profit Community Housing Resources Partners and the NRP Group, LLC. Emerald Village is planned as a gated, luxury community that will feature indoor and outdoor amenities, including a clubhouse, business center, fitness facilities and a swimming pool.
Emerald Village also will be a mixed income development providing high quality residences for working families. Seventy-nine (79%) of the units will be available to families at 60% area median income and the remaining 21% will be unrestricted with respect to income and rents (market rate). The mix of residences will include one bedroom/one bathroom residences (24), two bedroom/ two bathroom residences (50), three bedroom/two bathroom residences (62), and four bedroom/two bathroom (8).
The project site is currently zoned C-2 ERZD, Commercial Edwards Recharge Zone District, and was previously zoned B-2, Business District. Per Section 35-D1010 (d) of the Uniform Development Code, multi-family dwellings developed at 33 units or less per acre are a permitted use for any tract or parcel previously zoned B-2. Since the proposed density is well within the allowed density, the proposed p...
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