A 301-unit East Side apartment project that’s been plagued by construction delays, millions of dollars in cost overruns and litigation is expected to deliver its first units in January after its financing was restructured.
In the process, the Lofts at Creekview has become a truly affordable housing project — even though the development cost has ballooned to $96.5 billion from $39.2 million.
“All of the units are going to be rent- and income-restricted for persons (earning) between 30% and 80% of the area median income,” said Pete Alanis, executive director of the San Antonio Housing Trust, one of the project’s owners. The median income in the San Antonio-New Braunfels metropolitan area for a family of four is about $98,300, according to the U.S. Department of Housing and Urban Development. “Affordable housing remains a critical need in our community.”…