Nova Lofts Funded in Part Through the 2022 Affordable Housing Bond Program

NRP Group leadership, Community Housing Resource Partners and City of San Antonio (COSA) officials gathered at the future site of San Antonio’s newest affordable housing community, Nova Lofts, to kick off construction of the 65-unit community on the city’s Northeast side. Nova Lofts is The NRP Group’s third affordable housing community in San Antonio to break ground this year, and second supported by the COSA Neighborhood and Housing Services department’s 2022 Affordable Housing Bond Program (Bond).

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Pictured left to right: Clayton Perry; Meg Babakhanian, US Bank; Debra Guerrero, Senior Vice President of Strategic Partnerships and Government Affairs, The NRP Group; Barbara Gervin-Hawkins, Texas House of Representatives; Meghan Cano, President and CEO of Community Housing Resource Partners; Ron Nirenberg, Mayor of the City of San Antonio; Veronica Garcia, Director, COSA Neighborhood and Housing Services Department; Jason Arechiga, Senior Vice President of Development, The NRP Group; Zuleika Morales-Romero, US Department of Housing and Urban Development San Antonio Field Office Director; and Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T.

“As the City of San Antonio continues to grow, our focus on addressing housing needs remains paramount,” said Mayor Ron Nirenberg. “We are dedicated to ensuring all individuals and families have access to safe, affordable housing options across the entire city.”

Located at 127 Rainbow Drive, Nova Lofts is a 65-unit development strategically placed near Alamo Heights, a multitude of essential businesses and employers, and public transit to ensure access to convenient, wraparound services and employers for residents. One to three-bedroom floorplans will serve residents earning 30-60% of the Area Median Income (AMI) and amenities within the four-story complex include a playground, fitness center, community clubhouse and more.

“Developments like Nova Lofts are an essential investment in the wellbeing of our entire community–now and for generations to come,” said Councilman Marc Whyte, COSA District 10. “The reinvestment along Austin Highway is an important initiative to spur economic development along this major thoroughfare in the city of San Antonio.”

In collaboration with Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T, The NRP Group has dedicated a portion of the development budget toward the commission of a site-specific mural by San Antonio artists, Hailey Marmolejo, Danielle Edwards and Ashleigh Valentine Garza. The addition of the mural, which will be inspired by the celestial theme of the property, will also extend the momentum of the Downtown arts and culture movement and the Broadway Cultural Corridor further north along Austin Highway. This expansion will provide the community the opportunity to engage with public art right in their own backyard.

“Public art not only beautifies our spaces but ensures that the soul of the city thrives with the unique voices and visionaries who call it home," said Andy Benavides, President of Benavides Studios and Executive Director of S.M.A.R.T. “We are committed to building community through art across the city of San Antonio.”

The $24 million development was made possible through innovative funding partnerships, including a $2.7 million allocation from the Bond, and the State of Texas’ highly competitive 9% low-income housing federal tax credits. Additional funding partners include U.S. Bank.

"Nova Lofts is the third development to break ground with funds from the City’s Affordable Housing Bond, continuing the City’s initiative of providing quality home options for families,” said Veronica Garcia, COSA Deputy Director of Neighborhood and Housing Services. “We are thrilled to continue delivering on the Bond promise of building affordable rental options for San Antonio residents across all walks of life to enjoy.”

Development partner and local nonprofit, Community Housing Resource Partners, will provide and organize life-affirming resident services including after-school nutritional snacks, ESL assistance, healthcare screenings, financial literacy programming, job readiness and career preparation.

"When deciding where to place this much-needed housing resource, we brought partners together from across the city, county, and state to ensure the specific needs of the community were being met across the board," said Jason Arechiga, NRP Group Senior Vice President of Development. "Thanks to an incredible level of collaboration across all stakeholders, we are able to bring high-quality, affordable housing to communities that need them most.”

The first Nova Loft units will be ready for leasing January 2025 and the entire development is slated for completion by April 2025.

Please contact Rachel Trevino for photos

About The NRP Group

The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 50,000 apartment homes, and currently manages over 26,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental communities for individuals and families, regardless of income. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market rate, affordable, and senior housing.

The NRP Group has been named the 2021 NMHC #3 Top Multifamily Builder in the U.S. and #5 Top Multifamily Developer, and Affordable Housing Finance has named The NRP Group #2 Top Affordable Housing Developers. The NRP Group is a winner of the National Association of Home Builders (NAHB) Multifamily Pillars of the Industry award for “Builder of the Year” and a three-time recipient of the “Development Firm of the Year.” For additional information, please visit https://www.nrpgroup.com/.

City of San Antonio - Vibrant & Thriving

San Antonio is a vibrant city with a thriving economy, deep cultural heritage and communities that are compassionate, inclusive and proudly diverse. It is the seventh largest city in the United States and one of the strongest fiscally managed cities in the country, nurturing entrepreneurship, encouraging investment and funding infrastructure. The City fosters partnership and growth opportunities in aerospace, bioscience, cybersecurity, green technologies, healthcare, and information technology. San Antonio’s famed Riverwalk and Alamo are the top tourist attractions in Texas, and its historic missions are a designated World Heritage Site – the first and only in Texas. Proudly called Military City, USA®, San Antonio is home to one of the largest populations of active-duty military and veterans, as well as mission-critical commands, including military medicine, cybersecurity, pilot training and basic training. For more information, visit SanAntonio.gov and follow @COSAGov on social.

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