DEPARTMENT: Department of Neighborhood and Housing Services
DEPARTMENT HEAD: Ver?nica R. Soto
COUNCIL DISTRICTS IMPACTED: Council District 3
SUBJECT:
Approval of San Antonio Housing Trust Finance Corporation Multi-family Tax-Exempt Mortgage Backed Bonds for St. John's Apartments.
SUMMARY:
The San Antonio Housing Trust Finance Corporation is seeking approval for the issuance of its Multi-family Tax-Exempt Mortgage Backed Bonds for the development of St. John's Apartments in an amount not to exceed $23,000,000.00 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.
St. John's Apartments is a proposed 228-unit rental housing development which is an adaptive reuse of the St. John's Seminary property located at 222 Mitchell Drive in Council District 3. Seventy-seven percent, (77%) one hundred and seventy-six of the units would be restricted to 60% of area median income (e.g. a family of four will have a maximum income of $40,080.00). The remaining twenty-three percent, (23%) fifty-two units will be at market rate. The value of the Texas Department of Housing and Community Affairs (TDHCA) tax credit award to St. John's is approximately $10,301,250.00, with total development costs for the project at approximately $40 million. Mission DG (210 Development Group) is the...
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