City Council Approves New Hope Housing Savoy, Providing 120 Affordable Rental Homes in Sharpstown
September 8, 2021 —Houston Mayor Sylvester Turner and City Council today approved $13.2 million to develop New Hope Housing Savoy, which will add 120 affordable rental apartments in Sharpstown through the City’s Harvey Multifamily Program, the long-term recovery initiative led by the Housing and Community Development Department. The apartment community will provide resilient, affordable homes serving people with disabilities and families at risk of homelessness.
“The floods of the past decade coupled with the challenges of the pandemic have increased the need for intervention before families or individuals are forced into homelessness,” said Mayor Sylvester Turner, “The Savoy development will bring valuable resources and services to vulnerable families in the southwest Houston.”
New Hope Housing Savoy will be a four-story, elevator-accessible development located in the Sharpstown area, which historically has seen fewer dedicated affordable, and supportive home options. While primarily comprised of one- and two-bedroom apartments, three-bedroom units will also be available to provide options to larger families facing housing insecurity. All the homes will be affordable for forty years to people at a range of lower-income levels. For example, a two-person household earning just under $32,000 per year will pay approximately $750 in monthly rent for a one-bedroom apartment. The included resident service program will work with tenants to provide case management, assistance with necessities, and educational and recreational opportunities.
“With a 26-year history of creating and maintaining high-quality, affordable homes and a robust service model to help tenants succeed in their personal lives and in the community, New Hope Housing brings expertise, and experience working with the City” said Ray Miller, assistant director of multifamily development at the Housing and Community Development Department. “We look forward to the continued collaboration to bring this development and services to more Houstonians.”
The City is financing 39% of the total development cost of almost $33.8 million. The National Equity Fund will provide more than $14.1 million in tax credits awarded by the Texas Department of Housing and Community Affairs and charitable contributions provide the balance.
The Harvey Multifamily Program is made possible by funding from the U.S. Department of Housing and Urban Development (HUD), with oversight by the Texas General Land Office. In total, the program will spend $450 million to create over 4,300 resilient rental homes across Houston. Information on each development and its progress can be found on our Harvey Multifamily page.
The City of Houston Housing and Community Development (HCD) makes long-term investments to better the lives of Houston residents by creating opportunities for every Houstonian to have a home they can afford in a community where they can thrive. Our department will spend approximately $350 million in federal, state, and local funding this fiscal year to construct and maintain affordable homes, reduce barriers to homeownership, support the work of social service providers, build public amenities, and facilitate disaster recovery efforts. Learn more about programs and resources for Houstonians at www.houstontx.gov/housing.
