The NRP Group and the Schertz Housing Authority have joined forces to develop a new affordable housing complex, Aviator 1518 Apartments. The project, located on Farm-to-Market Road 1518 near Randolph Air Force Base, will consist of 300 units offered below the area median income.
Of these units, 60 will be available at a rate of 70% AMI, while another 200 will be offered at a rate of 60%. Additionally, there will be15 units available at a rate of50% and25unitsat30%.
Financing for this $79.2 million project includes approximately $34 million in debt from R4 Capital with an interest rateof5.7%. The Texas DepartmentofHousingandCommunityAffairs is also contributing to the funding.
Accordingtothe San Antonio Business Journal,the statewill provide about$35millionin4%taxcredits,paidout annually in installments totaling $3.6 million each year.Theprojectis expectedtobecompletedwithin20months.
Schertz is set to welcome its newest affordable housing development as The NRP Group partners with Schertz Housing Authority for the construction of Aviator1518 Apartments –a300-unitcomplexlocatedonFarm-to-MarketRoad1518near Randolph Air Force Base.
All residential spaces are priced below themedianincomelevelwithsixtyunitsat70%,twohundredunitsat60%,fifteenunit sat50%,andtwenty-fiveunit sat30%.
Raising funds amountingto$79.2million,the endeavor has secured half through debt financing from R4 Capital carryinganinterestrateof5.7%.TexasDepartmentofHousingandCommunity Affairsalsocontributedtotheproject’sfinancialbacking.
SanAntonioBusinessJournalreports thatthestatehasalsocommittedaround$35millionintaxcreditsdistributedannuallythroughinstallmentsofapproximately$3 .6million.
The project is expected to be completed in a span of 20 months.
