Alamo Community Group, a housing non-profit, was awarded $38 million in 4% state tax credits to fund the construction of Cattleman Square Lofts, an affordable housing project planned for 811 West Houston St. They came out near the top of a recent Texas Review Bond Board lottery drawing.

The multifamily project is one of the rare, fully-affordable apartment buildings that will be on offer in the downtown area. All of the units will fall somewhere below the average median rent (AMI) for the area, with 21 of them slated for 30% AMI. The tax credits make up a majority of the cost but are part of a broader pool drawn from multiple sources.

They hope to close in May. Alamo’s Jennifer Gonzalez added, “Then it takes us about 30 days or so to ramp up, get situated on the site and then start construction.” Local firm Concept Builders is the general contractor and The SAGE Group is the architect.