A proposal by an Indiana company to build affordable housing possibly eligible for tax credits just north of Stone Oak has some neighbors up in arms.
Critics say the proposed Canyon Pass Apartments will erode property values and affect traffic and schools; company officials counter the complex will have a no-drugs policy, local class enrollment will be small, and the units frequently inspected.
“I am so disappointed that this project is coming here,” said David Diharce, president of the Mountain Lodge Homeowners Association. “We moved out here because we wanted to be away from the city and because property values are higher out here. Property values decrease because of projects like this, they go down.”
The planned complex at 25601 Overlook Parkway, near U.S. 281 North, will include up to 288 units restricted to households at 60 percent and below the median family income ($40,080 for a family of four).
Rent would be $695, $8a95 and $967 for one-, two- and three-bedroom apartments, respectively, officials said.
On April 10, Diharce organized a community meeting between officials from Pedcor Investments and residents. Tempers ran high during the hourlong session inside Canyon Springs Golf Club.
Jean Marie Latsha, vice president of development for Pedcor, said the business has considered residents’ concerns about traffic and any potential impact to the school district.
“The apartments will have an access point onto Overlook Parkway and onto Highway 281,” Latsha said.
She also noted only 49 students will attend local schools.
Diharce believes such a tally is an undercount, and said there isn’t a demand for low-income residences in the Stone Oak area.
“There is no need for affordable housing here, where is the need?” Diharce said. “This project will overpower the schools and it … makes it hard for everyone.”
Pedcor’s practices include criminal-background and sex-offender checks, a no-drugs rule, and apartment inspections every three months.
Latsha acknowledged the complex has many hurdles to jump before construction can begin, let alone be complete, some time around 2023.
“There are a slew of approvals still needed for this development to actually happen,” she added.
One main obstacle is a 4 percent tax credit, valued at $18 million over 10 years, that Pedcor applied for from the Texas Department of Housing and Community Affairs. The construction cost for Canyon Pass Apartments would be $55.2 million, according to city documents filed with San Antonio.
City Council was expected to vote soon on the pending tax credits.