SAN ANTONIO – Security Service FCU has approved financing for a Neighborhood Housing Services project that will house low-income residents.
Security Service is providing the non-profit builder with a low-interest (3%), $1.9 million bridge loan, to go toward the development of Foster Acres.
Foster Acres will span a total of 20 acres on the city’s East Side. The homes are targeted to families who make between 60% and 80% of the median family income — which amounts to about $28,000 to $40,000 a year.
Phase one of Foster Acres will feature between 25 and 50 three- and four-bedroom homes that will range in price from $105,000 to $115,000. Ultimately, the community will also include lots sold to other builders — for the purpose of creating a mixed-income neighborhood.
