Granada Senior Apartments, an affordable housing development located in San Antonio, Texas is undergoing a substantial rehabilitation to modernize existing units and convert unoccupied commercial space into greatly needed additional residences. The project’s non-profit sponsor, Granada Trades Council Housing, is an affiliate of San Antonio Building and Construction Trades Council, which has owned, managed, and operated the property since 1968.
The AFL-CIO Housing Investment Trust committed $37.0 million in construction and permanent financing and served as development adviser to Granada Trades Council Housing. Bank of Labor assisted with the financing and is the financial institution for San Antonio Building Trades Council.
In addition to creating union construction work and generating other economic benefits, 182 of the Granada units will be set aside for HUD rental voucher subsidies and 265 units will be available to seniors earning less than 80% of the median income in the San Antonio Area. The project’s location in the popular San Antonio River Walk district provides direct access to several transit options so tenants will be able to move around the city without the need for a car.
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