DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Veronica R. Soto
COUNCIL DISTRICTS IMPACTED: Council District 7
SUBJECT:
Approval of San Antonio Housing Trust Finance Corporation Multifamily Housing Revenue Bonds for Trails at Leon Creek Apartments
SUMMARY:
The San Antonio Housing Trust Finance Corporation is seeking approval for the issuance of Multifamily Housing Revenue Bonds for the development of Trails at Leon Creek Apartments in an amount not to exceed $35 million with final terms and documents to be approved hereafter by the San Antonio Housing Trust Public Facility Corporation (SAHTPFC).
BACKGROUND INFORMATION:
The San Antonio Housing Trust Finance Corporation (SAHTFC) was formed by the San Antonio Housing Trust (SAHT) in 1997 under Chapter 394 of the Texas Housing Finance Act to be a financial pass-through facility to issue bonds for affordable single and multi-family housing. The board of the SAHTFC consists of five members of the San Antonio City Council: City Council Members from Districts 1, 2, 3, 4 and 5. Additionally, the SAHTFC is administered by the SAHT.
The San Antonio Housing Trust Public Facility Corporation owns the real estate and controls the general partner in the partnership.
Trails at Leon Creek Apartments is a proposed 296-unit rental housing development at 7615 East Bandera Road in Council District 7. All units would be restricted to 60% of area median income (e.g. a family of four will have a maximum income of $38,100). The value of the Texas Department of Housing and Community Affairs (TDHCA) tax credit award to Trails at Leon Creek is $19.6 million with total development costs for the project at $58.5 million. Pedcor is the Developer. A limited liability company created by the SAHTPFC will control the general partner of the Owner, and the SAHTPFC will serve as the general contractor.
On January 19, 2017, City Council previously approved a Resolution of No Objection for this developme...
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