Development costs for the three-story, 136-unit property were estimated at $21 million. A total of 119 units are reserved for those age 55 and older earning 30 percent to 60 percent of area median income, while 17 are at market-rate rents. In addition, 10 of the units are specifically set aside for residents with disabilities.
Humphreys & Partners Architects designed the project, which HCHP Contractors built. UAH Property Management of Dallas provides property management services.
To finance the development, El Sereno was awarded $1.5 million annually over a 10-year period in tax credits from the Texas Department of Housing and Community Affairs (TDHCA). Bank of America was the tax credit investor and is providing the $18 million construction loan. In addition, the Cibolo Economic Development Corporation provided an economic development grant for the development and construction of the affordable housing.