The Calcasieu Apartments, in downtown San Antonio, Texas, was at risk of losing its affordability through sale to a for-profit developer. The 64-unit apartment complex had been redeveloped in 1996 and was in year 18 of a 30-year affordability compliance period. In the last 3 years, the Alamo Community Group (Alamo) has financed two other properties with CHC that successfully transitioned to long-term affordability but were located in suburban neighborhoods. The Calcasieu Apartments was Alamo’s first downtown property with close proximity to “The Alamo,” a prime location for individuals employed in service-based jobs supporting tourism. The property also has 3000 square feet of commercial space that Alamo uses for an office to serve the tenants and surrounding community.
Alamo acquired the property with a $1.9 million, three-year acquisition loan from CHC. During the loan term, Alamo will address any critical maintenance items to be identified in a physical needs assessment and arrange permanent financing and project subsidy to implement the long-term rehabilitation and permanent financing plan.