CitizensNet
July 3, 2019
An Additional 400+ Affordable Rental Homes to be Funded with Harvey Recovery Funds
Following last week’s announcement of a $52 million investment in federal Harvey Recovery Program funds towards the development of affordable rental homes, the Housing and Community Development Department has announced five additional awards. The five new developments will yield more than 400 additional affordable rental homes. The developments will be funded through leveraging 4% Housing Tax Credits and private equity totaling more than $61 million. After unprecedented interest from developers in building affordable housing in Houston the department continues to build a pipeline to replace rental housing stock lost during Hurricane Harvey. Many units will be set aside to provide affordable homes for low- to moderate-income families throughout the city.
Newly Announced 2019 Multifamily Development Awardees – Round 1
Development |
Developer(s) |
Other Financing |
Total Units |
Council District |
HCDD Priority |
Award Amount* |
Avenue on 34th |
Avenue CDC |
4% HTCs |
70 |
C |
Areas experiencing high rental costs that cause displacement of LMI households |
$7,400,000 |
Change Happens City Living |
Change Happens / NHP |
4% HTCs |
74 |
D |
Located within Third Ward Complete Community |
$12,518,766 |
Scott Street Lofts |
Mark-Dana Co/ |
4% HTCs |
123 |
I |
Transit Oriented Development |
$15,730,788 |
The Gale Winds Apartments |
Avenue CDC |
Conv |
18 |
H |
Preservation of existing affordable multifamily housing |
$1,226,750 |
The Briarwest Apartments |
Blazer Development |
9% HTCs |
120 |
G |
Area of low poverty concentration and high performing schools |
$2,500,000 |
900 Winston |
Magellen Housing TX / Royal American Development |
9% HTCs |
114 |
H |
Area of low poverty concentration |
$9,250,000 |
Bellfort Park Apartments |
KGC Development |
9% HTCs |
64 |
K |
Preservation of existing affordable multifamily housing |
$3,500,000 |
Gala at MacGregor |
Gardner Capital |
9% HTCs |
85 |
D |
Located within Community Reinvestment Area (TIRZ 7) |
$9,570,000 |
Edison Lofts |
DWR Development Group / Edison Arts Foundation |
9% HTCs |
126 |
K |
Located within Community Reinvestment Area (TIRZ 11) |
$8,000,000 |
McKee City Living |
Covenant Community Capital / Gulf Coast Housing Partners |
9% HTCs |
120 |
H |
Located within area of low poverty concentration |
$11,700,000 |
South Rice Apartments |
The Brownstone Group |
9% HTCs |
115 |
J |
Located within Gulfton Complete Community |
$10,000,000 |
Total |
|
|
1,029 |
|
|
$91,396,304 |
*Transactions have not yet been underwritten by the Housing and Community Development Department or reviewed by the Texas General Land Office. Allocation amounts may vary at the time of City Council approval and are subject to revision