December 9, 2023
SAN ANTONIO – Lincoln Avenue Communities and the San Antonio Housing Trust are bringing more than 300 affordable apartments with Leon Creek Flats.
The six-building complex will be at the intersection of Old Pearsall Rd, and Ray Ellison Blvd. The project is expected to cost about $69.5 million.
The flats will have 261 units at 60 percent area median income (AMI) and 47 units at 30 percent AMI. One-, two-, and three-bedroom units will be offered with an average unit size of 916 sf.
The complex will also have free on-site, after-school education.
Funding sources for the project include about $7 million in partnership equity, $30.2 million from the U.S. Bancorp Community Development Corporation, a $2 million grant, and a $29.6 million loan from Boston Capital Finance LLC.
Sixty percent of the development costs are being financed by $43 million in tax-exempt multifamily housing revenue bonds from the San Antonio Housing Trust Public Facilities Corporation.
Construction is slated to be complete in 2025.