Lincoln Avenue Communities Breaks Ground on Affordable Housing Development in San Antonio, Texas

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Oct 12, 2023, 19:23 ET

SAN ANTONIO, Oct. 12, 2023 /PRNewswire/ -- Lincoln Avenue Communities (LAC), a mission-driven acquirer and developer of affordable housing, joins the City of San Antonio to break ground on Leon Creek Flats, a new affordable housing development supported by the City's 2022 Affordable Housing Bond.

During a ceremony with San Antonio Mayor Ron Nirenberg, City Councilmember Dr. Adriana Rocha Garcia and other local leaders, LAC celebrates its development partnership with the San Antonio Housing Trust to provide 308 affordable homes for San Antonio families.

Leon Creek Flats will bring hundreds of new units of affordable housing to South-Central Texas. Additional photos and renderings available upon request.

"Housing affordability has remained a key initiative for our city that started with the formation of the Housing Task Force," said Mayor Ron Nirenberg. "Communities like the one celebrated today represent the collective efforts to produce housing affordability for San Antonio renters."

Leon Creek Flats is Lincoln Avenue's first ground-up affordable housing development in Texas. More than $2.5 million in housing funding is supporting the development, which will create 261 homes for families earning at or below 60 percent of the Area Median Income (AMI) and 47 homes are deeply affordable for families earning at or below 30 percent AMI.

"By increasing affordable housing options and prioritizing families who need deeper affordability, we are creating thriving communities," said District 4 Councilmember Dr. Adriana Rocha Garcia. "It's an honor to celebrate opportunities for current and future residents of District 4."

On-site services for the project will include after-school education, which will be free of charge for residents for a minimum of 15 hours per week.

"LAC is committed to building high-quality affordable homes in communities where residents are burdened by high housing costs," said Blake Hopkins, LAC Vice President and Regional Project Partner. "This development will bring hundreds of affordable homes to San Antonio and help address the region's affordable housing crisis."

"Housing affordability options are needed throughout our city. Ensuring that there are quality and accessible homes with supportive services for families in San Antonio is our department's priority," said Veronica Garcia, Director of the Neighborhood and Housing Services Department.

The development is made possible by a soft loan from the City of San Antonio's 2022-2023 Housing Bond Program, along with other financing. Following remarks, LAC and City leaders formally broke ground on a section of the property to mark the beginning of construction, which will be complete in 2025.

About LAC: Lincoln Avenue Communities (LAC) is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. A subsidiary of Lincoln Avenue Capital, LAC is a mission-driven organization with a presence in 26 states and a portfolio of 120 properties comprising 22,000+ units.

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SOURCE Lincoln Avenue Communities