HCS Finalizes $17.5M Transaction for New Affordable Housing Property to Serve Veterans

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Housing and Community Services, Inc. (HCS), a nonprofit affordable housing organization, has announced the formal closing for Montabella Pointe Apartments, a new 144-unit multifamily property to be constructed at 5121 Foster Road and FM 78, San Antonio, Texas 78244. Located near Brooke Army Medical Center (BAMC), Montabella Pointe will give housing preferences to veterans of the United States Armed Forces, as well as providing a number of units designed for persons with disabilities.

This transaction reflects not only our own strategic planning goals but also our mission to extend our range of affordable housing opportunities specifically for veterans, and their families, especially those who may be disabled

Housing and Community Services, Inc. (HCS), a nonprofit affordable housing organization, has announced the formal closing for Montabella Pointe Apartments, a new 144-unit multifamily property to be constructed at 5121 Foster Road and FM 78, San Antonio, Texas 78244. Located near Brooke Army Medical Center (BAMC), Montabella Pointe will give housing preferences to veterans of the United States Armed Forces, as well as providing a number of units designed for persons with disabilities. This event also marks for HCS its first acquisition of real estate for the purposes of new construction, bringing the total number of properties in its quality affordable housing portfolio to 40 and expanding the breadth of its service to low-income individuals and families.

The Montabella Pointe project cost is $17.9 million and includes funding through the City of San Antonio HOME Funds, Texas Department of Housing and Community Affairs-TCAP loan, Bexar County Community Resources (CDBG and Home Division) and additional financing provided by Chase Community Development Banking and Hudson Housing Capital LLC. Construction is scheduled to begin November 1, 2010 with phase one move-ins anticipated by Summer 2011.

“This transaction reflects not only our own strategic planning goals but also our mission to extend our range of affordable housing opportunities specifically for veterans, and their families, especially those who may be disabled," said Gil Piette, HCS Executive Director. “The proximity to BAMC and the provision of our on-site supportive services will make this property ideal for these valued members of our city as it also offers housing for persons with physical and other disabilities as well as families meeting the income qualifications.”

“The NRP Group is pleased to partner with HCS on Montabella Pointe. Our goal is to create a sense of community that will develop positive neighborly spirit through an awareness of common needs, and enhance individual support systems and increase awareness of local programs and services in both public and private sectors,” said Dan Markson, Sr. Vice President Development, The NRP Group LLC. “This community is designed to provide maximum comfort and superb amenities for those individuals in need of quality, affordable housing including our veterans and the disabled. Montabella Pointe residents will enjoy features including a spacious clubhouse with community room and the convenience of easy access to highways, medical facilities, and retail areas of San Antonio”

Property amenities at Montabella Pointe will include social services assistance, community computer room, after school programming, controlled gate access, business center and much more. All units will have central heating and air conditioning, dishwashers, microwave ovens, washer/dryer connections and other convenience features. A select number of units will be constructed for accessibility by persons with physical, visual, and/or hearing disabilities per the requirements of Section 504 of the Rehabilitation Act of 1973; however, all units will be adaptable to meet additional ADA needs.

About HCS:    
HCS is headquartered in San Antonio and has properties located primarily in south Texas as well as one affordable housing community in Arkansas. The mission of Housing and Community Services (HCS) is to assist individuals, families and their children in the low to lower income segment of our population to achieve social and economic stability by providing affordable housing, community support and education. For more information, visit http://www.hcscorp.org.

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