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Lincoln Avenue, SA Housing Trust bringing more affordable multifamily housing

​SAN ANTONIO – Lincoln Avenue Communities and the San Antonio Housing Trust are bringing more than 300 affordable apartments with Leo​n Creek Flats.

The six-building complex will be at the intersection of Old Pearsall Rd, and Ray Ellison Blvd. The project is expected to cost about $69.5 million.

The flats will have 261 units at 60 percent area median income (AMI) and 47 units at 30 percent AMI. One-, two-, and three-bedroom units will be offered with an average unit size of 916 sf.

The complex will also have free on-site, after-school education.

Funding sources for the project include about $7 million in partnership equity, $30.2 million from the U.S. Bancorp Community Development Corporation, a $2 million grant, and a $29.6 million loan from Boston Capital Finance LLC.

Sixty percent of the development costs are being financed by $43 million in tax-exempt multifamily housing revenue bonds from the San Antonio Housing Trust Public Facilities Corporation.

Construction is slated to be complete in 2025. 

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