$11 MILLION IN FEDERAL DISASTER RECOVERY FUNDS ALLOCATED FOR NEW AFFORDABLE APARTMENT COMMUNITY IN HOUSTON HEIGHTS
The City of Houston Housing and Community Development Department (HCD) will provide $11 million to construct a new multifamily development in Houston Heights.
On March 24, 2021, Mayor Sylvester Turner and Houston City Council approved allocating federal funding for the new construction of Dian Street Villas, a mixed-income community of 108 rental homes located in Houston Heights. The development will offer low- to moderate-income families the opportunity to live near job centers and community amenities while adding affordable home options in the Houston Heights and replacing homes lost during Hurricane Harvey.
The Houston-based development team of SuperUrban Realty and Texas Inter-Faith Development is receiving $11 million through the City’s Harvey Multifamily Program. The development team will leverage housing tax credits from the Texas Department of Housing and Community Affairs and loans and investments from private banks to acquire and develop the property. Dian Street Villas will provide a mix of one-, two- and three-bedroom apartments that feature individual HVAC, appliances, and in-unit washer/dryer connections. Amenities will include outdoor recreation, a community room, learning center, fitness center, and business center. All apartments will be elevated from future storm hazards and built with sustainable design elements.
Currently, nearly half of Houston renters spend over one-third of their monthly income on rent, making it difficult for essential workers to find safe places to live and raise their families. As a mixed-income community, Dian Street Villas will offer homes at a range of prices to fit within the budgets of essential workers in critical but low-paying jobs, such as childcare workers, pharmacy technicians, paramedics, and caregivers. Apartment costs at Dian Street will range from $340 to $1098 per month, depending on family incomes and unit sizes. Rents reflect a discount of about $800 per month compared to market-rate properties in the area.
The Harvey Multifamily Program is made possible by federal Community Development Block Grant – Disaster Recovery funds, which are provided by the U.S. Department of Housing and Urban Development and overseen by the Texas General Land Office. All work done on Dian Street Villas will be subject to the Build It Better Houston Agreement , which guarantees a living wage, apprenticeship and training opportunities, and safety protocols to workers who build these apartments. Dian Street Villas was selected through a competitive Notice of Funding Availability process that incentivized developers to build homes in areas rich with community amenities and in neighborhoods where affordable homes are scarce. In total, the Harvey Multifamily Program will spend $450 million to create more than 4,500 units of rental housing and produce an investment worth over $1.2 billion.
HCD is excited to bring new affordable homes for families to an area that has opportunity and area amenities to enjoy. More information on developments selected for our Harvey Multifamily Program is available at recovery.houstontx.gov/multifamily .
