San Antonio – September 11, 2026 -- Safehold Inc. (NYSE: SAFE) has closed on a ground lease to develop a 336-unit Low-Income Housing Tax Credit community in San Antonio, Texas, marking its third Affordable Housing transaction in the state this year.
Safehold marks first San Antonio Affordable Housing deal with 336-unit LIHTC project
The development, slated for delivery in 2028, will be located in southeast San Antonio within what the company describes as a growing residential core driven by population and job growth. It is Safehold's inaugural Affordable Housing transaction in the San Antonio market.
The NRP Group returns as developer, backed by Wells Fargo tax credit equity
The project will be built by The NRP Group, a repeat Safehold customer and one of the most active Affordable Housing developers in the United States. Tax credit equity for the deal is being provided by Wells Fargo.
Steve Wylder, Safehold's Head of Investments, said the transaction reflects the company's push to expand its Affordable Housing platform and presence across Texas through partnerships with developers like NRP.
Ground lease structure aims to bridge capital gaps in new LIHTC construction
Safehold has now closed 28 ground leases nationwide to support Affordable Housing development. The company positions its long-term, low-cost ground lease model as a tool to help close capital structure gaps in new-construction LIHTC projects, allowing developers to advance financing without owning the underlying land.