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Committee forwards La Ventana apartments PFC tax-exemption request to full City Council
Summary
The committee unanimously approved forwarding a resolution supporting construction of La Ventana Apartments, a PFC partnership between Opportunity Home (SAHFC) and Marcus Equities at 2802 Cinema Ridge Drive (District 6), to City Council for final approval of a tax exemption.
The Planning Community Development Committee on Jan. 23 voted to forward a resolution to City Council supporting construction of the La Ventana Apartments, a 272-unit project proposed through a San Antonio Housing Facility Corporation (SAHFC)/Opportunity Home public facility corporation (PFC) partnership with Marcus Equities.
Ian Benavides of the Neighborhood and Housing Services Department summarized the proposal: the project would be located at 2802 Cinema Ridge Drive in Council District 6 and use a PFC property-tax exemption; the proposed unit mix for 272 units is 136 market-rate (50%), 28 units at 60% area median income (AMI) (10%), and 108 units at 80% AMI (40%). Benavides said Opportunity Home’s policy directs proceeds from PFC deals to preserve and produce deeply affordable units, support public housing preservation and fund supportive services and reserves.
“This is not a low-income housing tax credit deal… this is just what we call straight PFC partnership,” Benavides said, explaining that the tax-exemption revenue stream helps Opportunity Home fund deeply affordable housing and supportive services.
Committee members asked for additional information about the AMI breakdown by unit size and the developer’s veteran-focused tenant target. Benavides and staff said the developer has a niche of serving non-commissioned military veterans and that CBRE’s independent market analysis indicated the project would not be built at the proposed affordability levels without the tax exemption. Members noted a 10-acre park planned next to the site and that Holmes High School (Northside ISD) is adjacent to the parcel.
Because the SAHFC board members are not elected officials, Texas Local Government Code section 303 requires municipal approval for PFC transactions governed by non-elected boards; staff said the resolution is required under recent legislative changes. The committee voted to forward the resolution to City Council; the committee chair called for the motion and members responded “aye” with no recorded oppositions or abstentions.
The committee did not record a roll-call vote in the transcript. The item will proceed to full City Council for final action on the resolution supporting the PFC tax-exemption for La Ventana Apartments.
