DEPARTMENT: Center City Development & Operations
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: 5
SUBJECT:
SAWS Impact Fee Waivers for the Tampico Apartments Development
SUMMARY:
An Ordinance approving $334,464 in SAWS impact fee waivers to the San Antonio Housing Authority for Tampico Apartments, an affordable multifamily development located at 200 Tampico Street in Council District 5.
BACKGROUND INFORMATION:
The San Antonio Housing Authority has partnered with Mission DG to develop Tampico Apartments, a mixed-income multifamily development that will be located on 3.76 acres at 200 Tampico Street, between IH-35 and Alazan Creek in Council District 5. On January 16, 2020, the City Council approved a Resolution of No Objection for the project, which was submitted as part of the developer's application for non-competitive 4% Housing Tax Credits from the Texas Department of Housing & Community Affairs.
Tampico Apartments includes 200 units, of which 136 will be affordable. The income mix is planned as follows:
* 9 units will be set aside for households earning up to 30% of Area Median Income (AMI);
* 10 units will be reserved for households earning up to 40% of AMI;
* 18 units will be reserved for households earning up to 50% of AMI;
* 70 units will be reserved for households earning up to 60% of AMI;
* 20 units will be reserved for households earning up to 70% of AMI;
* 9 units will be reserved for households earning up to 80% of AMI; and
* 64 units will be unrestricted (market rate).
The total project cost is estimated at $32.9 million. Closing is scheduled for June 2020 and construction will commence shortly thereafter. The project is expected to be completed by July 2022. To meet the affordability mix proposed, the developer may also seek funding through the Westside Tax Increment Reinvestment Zone which would require City Council approval at a later date.
ISSUE:
The Tampico Apartments development qualifies for incentives under ...
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