The NRP Group, a developer and owner/manager of multifamily housing, has partnered with the nonprofit Community Housing Resource Partners and the City of San Antonio to launch the construction of Nova Lofts, a 65-unit community on the city’s Northeast side.
Nova Lofts is The NRP Group’s third affordable housing community in San Antonio to break ground this year, and second supported by the city’s Neighborhood and Housing Services department’s 2022 Affordable Housing Bond Program. The community’s one- to three-bedroom floorplans will serve residents earning 30-60% of the Area Median Income, and the amenities within the four-story complex include a playground, fitness center, community clubhouse and more.
The first Nova Loft units will be ready for leasing January 2025 and the entire development is slated for completion by April 2025. The $24 million development was made possible through funding partnerships including a $2.7 million allocation from the Bond, and the State of Texas’ highly competitive 9% low-income housing federal tax credits. Additional funding partners include U.S. Bank.
“When deciding where to place this much-needed housing resource, we brought partners together from across the city, county, and state to ensure the specific needs of the community were being met across the board,” said Jason Arechiga, NRP Group senior vice president of development. “Thanks to an incredible level of collaboration across all stakeholders, we are able to bring high-quality, affordable housing to communities that need them most.”