Photo Credit: Alamy Stock Photo
When the COVID-19 pandemic reached the U.S. early in 2020, the public health crisis was accompanied by an economic disaster as well. As businesses scaled back their operations or closed permanently in response to stay-at-home orders and decreased consumer demand, millions of people lost hours or had their jobs eliminated altogether, putting their personal finances in danger. For many of these hard-hit individuals, one of the biggest worries was housing, with renters fearing evictions if they could not afford rent and homeowners concerned about falling behind on mortgage payments.
The government ultimately stepped in with robust stimulus measures to stabilize the economy and keep people from losing their homes. Notably, the CARES Act passed by Congress in March 2020 created eviction and foreclosure moratoriums and provided an option for homeowners with federally backed mortgages to request COVID hardship forbearance. The forbearance option allowed
NRP, San Antonio Housing Authority partnering to add affordable apartments in Southwest and East San Antonio
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A rendering of the Frontera Crossing apartment complex.Courtesy of NRP Group and Muñoz & Company
A national developer is partnering with the San Antonio Housing Authority to build two complexes totaling more than 600 apartments in Southwest and East San Antonio. With a combined valuation of nearly $116 million, both will receive a full property tax exemption in exchange for including lower-priced units for rent.
Cleveland-based NRP Group’s $60.5 million complex at the intersection of Watson and Somerset roads in Southwest San Antonio will include 348 units ranging from one to four bedrooms.
Photo Credit: Alamy Stock Photo
Housing affordability has been a major topic of concern for researchers and policymakers in recent years. Access to affordable, quality housing is associated with a variety of positive economic and social outcomes, which makes it an important tool to encourage families to thrive.
But historically, affordable housing has been out of reach for many. Low income populations and racial and ethnic minorities are often excluded from the wealth-building benefits of homeownership. People who rent are far more likely to be cost burdened by housing, according to Census Bureau data. And whenever income grows slowlyâas it has recently for certain groupsâhousing affordability becomes even more of a challenge.