Zimmerman Properties Proposes New Affordable Housing Complex

 

The City's Neighborhood and Family Services Department will host a town hall meeting to detail a proposal for an affordable housing complex for senior citizens at Martin Luther King Avenue and 29th Street, said a press release Tuesday.

The forum, which will be on Dec. 8 at 6 p.m., will be conducted in the City Council chambers at the McNease Convention Center, 501 Rio Concho Drive. The developers will conduct a presentation and the public is invited to listen and ask questions. This will be broadcast live on SATV, Suddenlink channel 17, and on cosatx.us/watch. Additionally, it will be rebroadcast on SATV and the City's YouTube channel.

According to the press release, the 72-unit complex, proposed by Zimmerman Properties, LLC, is competing for low-income housing tax credits awarded annually through the Texas Department of Housing and Community Affairs. The developer will seek a resolution of support from the City Council on December 15.

Rents in the proposed complex would range from 30 percent of the average median income in San Angelo, which would constitute low-income senior citizens to a few units renting at market rates. Thirty percent of the median income amounts to approximately $11,000 annually for a one-person household or $12,600 for a two-person household. Current market rates are $487 for a one-bedroom apartment and $627 for two bedrooms.

Last year, Zimmerman Properties sought tax credits for a similar project in north San Angelo last year. As a family-owned real estate development company, Zimmerman specializes in the development, construction, and management of affording housing developments. The company is based in Springfield, Missouri and has three regional offices, including one in San Marcos.

 

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