From KENS5

San Antonio’s City Council is supporting the San Antonio Housing Authority’s (SAHA) desire to replace decades old public housing at Alazon Courts with new, quality affordable housing developments. The current building was built between 1939 and 1941 when public housing was built using 100% government funds and was owned and maintained by government entities — a model that has failed to maintain quality housing among other issues. The San Antonio Housing Authority noted that the current buildings are not the same model or quality by which affordable housing is built and maintained today.

SAHA has received the green light to pursue a 9 percent Housing Tax Credit application with the Texas Department of Housing and Community Affairs (TDHCA). Should SAHA be awarded the credits, a public-private partnership will be entered into with investors who will buy the credits to offset their tax liability while SAHA uses the capital raised to offset construction costs in order to maintain the affordable rental rates needed by residents. Because the new development will be required to properly maintain the property and keep rental rates affordable for a minimum of 15 years (up to 30 years), the community will join hundreds of other housing tax credit developments across the state that offer high quality living on par with their market-rate counterparts.

The proposed new development, named Alazon Lofts, would include 88 units and would only replace a portion of the 500-715 units in the current Alazon Courts complex. SAHA expects it will require several tax credit application cycles to obtain the capital necessary to replace all units.