April 15, 2021
News Source: Business Wire
Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) subsidy to Prospera Housing and Community Services to help fund the creation of a new apartment community in San Antonio, Texas.
The $41.1 million project includes demolition of one of two contiguous apartment complexes (Arbor Place Apartments) and rehabilitation of the other (West Avenue Apartments) to create a new cohesive complex that will be called The Arbors at West Avenue in the central part of the city.
“Arbor Place is in serious disrepair and has become a magnet for serious crime, so demolition of it along with the reconstruction of the neighboring complex will help stabilize and improve the entire neighborhood and discourage criminal activity in the area,” said Gilbert Piette, executive director of Prospera Housing Community Services.
Prospera is the owner of West Avenue Apartments which will acquire Arbor Place and oversee the plan to create the new apartment community…Read more.