SAN ANTONIO--(BUSINESS WIRE)--Development partners and City officials gathered at the site of the future Los Arcos at VIDA to celebrate the groundbreaking of a new affordable housing development on San Antonio’s south side. Los Arcos, which translates to “the arches” in Spanish, is the first project to break ground that utilizes funds from the 2022–2027 City of San Antonio (COSA) Housing Bond Program.
"Los Arcos at Vida is the first of many projects to break ground with support from the City’s first Affordable Housing Bond," said Veronica Garcia, Deputy Director of Neighborhood and Housing Services. "This funding ensures that even in challenging construction times impactful projects like Los Arcos are able to provide affordability for households most impacted by the housing crisis.”
In the May 7, 2022 election, San Antonio voters approved the City’s first-ever affordable housing bond that allocated funding for affordable housing opportunities through the production and preservation of affordable housing, targeting the most vulnerable households identified in alignment with the Council-approved Strategic Housing Implementation Plan.
"Every individual is deserving of a place to call home without having to choose between rent and other necessities," said Mayor Ron Nirenberg. "Increasing the supply of affordable units on the market expands the opportunities available to our residents.”
Los Arcos will be reserved for working families and individuals earning 30 to 70 percent of the area's median income, ensuring high-quality living options at affordable rates. Located in the 600-acre VIDA San Antonio master development, just steps from Texas A&M University-San Antonio, the 324-unit affordable housing community will feature a resort style pool, community garden, fitness center, children’s playgrounds, business center, children’s activity room and clubhouse lounge. Residents will enjoy direct access to the new Madla Greenway trail system, as well as a vibrant retail center, student housing and a new University Health hospital campus.
"Los Arcos is not only creating rental units for families who call District 4 home, but it is also creating access for students at Texas A&M University who need affordable options as they pursue a secondary education," said District 4 Councilwoman Dr. Adriana Rocha Garcia.
The project is financed by four percent housing tax credits allocated by the Texas Department of Housing and Community Affairs ($36M); private activity bonds issued by Opportunity Home San Antonio ($38M); COSA 2022 Bond award funds ($2M); COSA HOME federal funds ($2.25M); COSA Neighborhood Stabilization Program (NSP) federal funds (nearly $1M); and grant funds from the Bexar County Economic & Community Development American Rescue Plan Act ($2.5M).
“The development of this community is a true collaborative effort with involvement of nine organizations, as well as several city, state and federal entities,” said Nick Walsh, Vice President of Development at The NRP Group. “The strong commitment from the San Antonio community–and dynamic collaboration with various partners and funding sources–is the reason projects like Los Arcos at VIDA come to fruition.”
Additional project partners include the San Antonio Housing Trust, SouthStar Communities, Huntington Community Development Corporation, KeyBank, MassMutual/Barings, NRP Contractors, Alta Architects, MBC Engineers and Artis.
“The San Antonio Housing Trust is honored to serve as a partner and co-developer on Los Arcos,” said Pete Alanis, Executive Director of the San Antonio Housing Trust. “Together, we are continuing the growth of the VIDA community by providing stable and dignified housing options that will support families, seniors, persons with disabilities, veterans and more.”
Elected officials involved in coordination of the project include: COSA District 4 Council Member, Adriana Rocha Garcia, Ph.D; Bexar County Precinct 1 Commissioner Rebeca Clay-Flores; US House District 23 Congressman Tony Gonzales; Texas House District 118 Representative John Lujan; and Texas Senate District 19 Senator Roland Gutierrez.
The first Los Arcos at VIDA units will be ready for leasing by April 2024, and the entire development is slated for completion by the end of 2024.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 50,000 apartment homes, and currently manages over 26,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental communities for individuals and families, regardless of income. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market rate, affordable, and senior housing.
The NRP Group has been named the 2021 NMHC #3 Top Multifamily Builder in the U.S. and #5 Top Multifamily Developer, and Affordable Housing Finance has named The NRP Group #2 Top Affordable Housing Developer. The NRP Group is a winner of the National Association of Home Builders (NAHB) Multifamily Pillars of the Industry award for “Builder of the Year” and a three-time recipient of the “Development Firm of the Year.” For additional information, please visit https://www.nrpgroup.com/.
City of San Antonio - Vibrant & Thriving
San Antonio is a vibrant city with a thriving economy, deep cultural heritage and communities that are compassionate, inclusive and proudly diverse. It is the seventh largest city in the United States and one of the strongest fiscally managed cities in the country, nurturing entrepreneurship, encouraging investment and funding infrastructure. The City fosters partnership and growth opportunities in aerospace, bioscience, cybersecurity, green technologies, healthcare, and information technology. San Antonio’s famed Riverwalk and Alamo are the top tourist attractions in Texas, and its historic missions are a designated World Heritage Site – the first and only in Texas. Proudly called Military City, USA®, San Antonio is home to one of the largest populations of active-duty military and veterans, as well as mission-critical commands, including military medicine, cybersecurity, pilot training and basic training. For more information, visit SanAntonio.gov and follow @COSAGov on social.
San Antonio Housing Trust
The San Antonio Housing Trust (SAHT) is a fund established with a $10 million corpus by the City of San Antonio governed by a Board of Trustees appointed by the San Antonio City Council. SAHT works to create and preserve housing that is affordable, accessible, attainable, and/or sustainable. We provide education, resources, and strategic partnerships with affordable-housing-related charities, social enterprises, and builders. This creates a community that builds and sustains neighborhoods, empowers residents, and provides positive equitable outcomes.
