With construction costs and interest rates soaring, developers are struggling to make the numbers work for their affordable housing projects. SanAntonio SATX SanAntonioTX affordablehousing HousingCrisis housing
The Cattleman Square Lofts development would be one of downtown’s few affordable housing projects once it’s completed.
"I made a mistake when I was younger," she said."I paid my consequences and learned from it. And I never repeated that mistake." Since then, Vogt and her three kids have been living with her cousin — and her three kids — in a three-bedroom house on the North Side. Yet with construction costs and interest rates soaring, developers are struggling to make the numbers work for their affordable housing projects. Those challenges come even as developers enjoy access to a wider range of local tools and deeper wells of local funding than ever before.
"That's what we're facing right now: an increase in construction costs, due to inflation, and an increase in interest rates," Alanis said."That's your double whammy. That's why you see deals exploding. They're just busting at the seams." In 2020 and 2021, NRP built 1,757 affordable housing units spread between eight Bexar County apartment complexes, Guerrero said. This year, it expects to finish just one complex, Viento Apartments, just down the road from Texas A&M University-San Antonio.
The call, which she received about four years ago, was well-timed. A week earlier, she'd become homeless, sleeping in her car with her son and daughter. Under the leadership of President and CEO Ed Hinojosa Jr., Opportunity Home has abandoned that mixed-income redevelopment model, which had been touted as the best practice for building affordable housing since at least the Clinton administration.
The new approach preserves crucial units priced for deep affordability, Hinojosa said. It also prevents families from being displaced and uprooted from their social networks, including kids being pulled from their schools. What's more, the shift in thinking comes as the city has lost 1,700 public housing units since the late '90s.Opportunity Home plans to rebuild the Alazan-Apache public housing project after initially seeking to demolish it.
Last year, the city appointed its first chief housing officer: Mark Carmona, the former president and CEO of Haven for Hope, a nonprofit that helps the homeless. The guidepost for the policy shift has been the Strategic Housing Implementation Plan , a 77-page report drafted last year by the city, Bexar County, Opportunity Home and the San Antonio Housing Trust. That document lays out policies intended to address the affordable housing crisis. It sets a goal of producing 10,611 affordable rental units and preserving 15,533 homes and rentals over the next decade.
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