The affordable housing components needed for growth at the Brooks campus are becoming more clear.
In September, the Brooks Development Authority board of directors — which manages the campus of the former Air Force base — pushed forward with two affordable housing developments on 20 acres. A 340-unit apartment complex called Brooks Family would take shape at the northwest corner of Research Plaza and Challenger Drive. Brooks Senior, a 240-unit senior living project, is slated to rise next to it.
For both projects, Brooks plans to apply for 4% housing tax credits from the Texas Department of Housing and Community Affairs, according to memos submitted to the city of San Antonio’s Planning and Community Development Committee. At its meeting Monday, the committee gave its support to the applications.
Brooks estimates $139.5 million in development costs between the two projects, including $85.8 million for the apartments and $53.7 million for the senior facility. Over a 10-year period, the tax credits are estimated to be worth $34.3 million and $21.3 million, respectively. Brooks Family will have one-, two- and three-bedroom units. Brooks Senior units will have one or two bedrooms.
Units for both projects will be offered from 70% area median income to 30% AMI. For the Brooks Family apartments, 51 units will be offered at 70%, 238 units at 60% and 51 units at 30%. Brooks Senior will rent 36 units at 70%, 186 units at 60% and 36 units at 30%.
Brooks Chief Strategy Officer Connie Gonzalez told the Business Journal in September that the demand for affordable housing — especially senior-focused — fits with the Brooks plan as market-rate projects work their way through the pipeline.
“We’ve been exploring and talking with our board about the need to add affordable housing components,” she said at the time. “Independent senior living was actually even more of a priority and higher on that list.”
Both projects are helmed in a partnership between Los Angeles-based Lincoln Avenue Capital and the San Antonio Housing Trust. Applications for both projects are expected to be taken up by the state in May 2024. Assuming approval, Brooks plans to begin construction in July 2024 and have both projects finished by July 2026.
Article originally published here: Brooks details $139M affordable, senior housing developments