SAN ANTONIO — The City of San Antonio, the San Antonio Housing Trust, and Palladium USA gathered on Monday, Oct. 14, 2024, to celebrate the groundbreaking of the Palladium Apartments San Antonio, the sixth multi-family development to break ground supported by the 2022 Affordable Housing Bond.
The $75 million multi-family community leverages funding from local, state and federal sources. Funding for the development includes $2 million from the City of San Antonio’s Affordable Housing Bond, more than $36 million in 4% Non-Competitive Low-Income Housing Tax Credits from the Texas Department of Housing and Community Affairs and $4.25 million in federal funds from the Department of Housing and Urban Development awarded by the City of San Antonio, a news release said.
“As one of the fastest growing cities in the United States, the City of San Antonio is proud to partner with all levels of government to provide transformative investments in affordable housing,” San Antonio Mayor Ron Nirenberg said. “Palladium San Antonio is a testament to our commitment to create high-quality, sustainable and affordable homes for San Antonio residents.”
The Palladium Apartments San Antonio will have a total of 288 homes to rent, 231 of which are considered affordable to families earning 60% of the Area Median Income (AMI) or less.
Of the affordable homes, 44 are “deeply” affordable and will be rented to households earning at or below 30% of the AMI, 29 will be rented to households earning at or below 50% AMI, and 158 will be rented to households earning at or below 60% AMI. An additional 27 homes will be rented to households earning at or below 70% AMI, and 30 homes will be rented to households earning at or below 80% AMI.
“District 4 is home to the Gateway to the Air Force and I hope new projects like Palladium San Antonio, with its proximity to JBSA-Lackland, will help spur revitalization in a corridor where high-quality housing and retail options are needed,” District 4 Councilmember Dr. Adriana Rocha Garcia said. “The residents in this area have longed for projects that will help draw further development and public infrastructure improvements in their community.”
The 2022 Housing Bond, approved by San Antonio voters, allocated $150 million to support creating and preserving affordable housing throughout San Antonio. It focuses on projects for low-income families, seniors, and people experiencing homelessness and aims to address the city’s housing crisis by increasing the availability of affordable homes.
Source: City of San Antonio
