DEPARTMENT: Center City Development & Operations Department
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: District 2
SUBJECT: Economic Development Agreement for Wheatley Infill
SUMMARY:
This Ordinance approves a Chapter 380 Economic Development Forgivable Loan Agreement for up to $240,000 to Terramark Urban Homes for construction of 24 affordable single-family homes to be sold to households earning at or below 120% of Area Median Income (AMI) and an investment of $3,000,000 in real and personal property improvements. The homes will be located in the Wheatley Infill on Arthur, Hays, Lamar, Gabriel, Burnet, and Poinsettia streets in Council District 2. Funding in the amount of $240,000 is available in the Inner City Incentive Fund FY 2019 Adopted Budget.
BACKGROUND INFORMATION:
The City is engaged in revitalizing and supporting economic development activities to reactivate the near East Side of San Antonio as well as address the need for workforce and affordable housing citywide. The City continues to encourage and incentivize residential and commercial development, specifically in the EastPoint area where the City and partner organizations have increased investments in public infrastructure and other improvements.
As part of U.S. Department of Housing and Urban Development's (HUD) Choice Neighborhood Initiative, the San Antonio Housing Authority (SAHA) acquired a series of vacant lots on the East Side with the intention of collaborating with private sector partners to develop affordable homes near East Meadows, the mixed-income redevelopment of the former Wheatley Courts public housing complex. SAHA issued a Request for Proposals in 2018, seeking developer interest in offering affordable for-sale housing on these lots. On February 4, 2019, the SAHA Board awarded the project to Terramark Urban Homes. As part of the agreement, 12 homes within the Wheatley infill development must be completed by November 2019.
ISSUE:
This project by Terramark...
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