)
San Antonio City Council has placed the city's popular Downtown residential incentive program on hold for six months over concerns about affordability.
Former Mayor Julian Castro initiated the Center City Housing Investment Program as part of his Decade of Downtown declaration. Over the last five years, the program has offered more than $97M in waived fees and taxes to 64 projects, according to the San Antonio Express-News.
“Over the last few years, the ‘housing-first’ strategy in Downtown San Antonio has worked with respect to the number of units available. However, land values and home values are rising to the point where it’s becoming one of the least affordable places to live,” Mayor Ron Nirenberg told the Express-News. “That’s a challenge for us long-term, because affordability has been one of our competitive advantages."
The program's intention was to revitalize major corridors in the city. Now some council members think it may be succeeding too well. Applications that once were approved automatically now go to council for approval. And the area where the incentive applies also has been scaled back significantly.
Nirenberg presented the resolution on the moratorium, noting that the pause was recommended by city staff.
According to the city website, no new applications are being accepted, but city staff will be available "to review potential projects that align with city goals."
The city has commissioned a study of Downtown housing needs. That study should be completed by the time CCHIP expires in June.
)
)
)
)
)
)
)
)
)
)
)
)