City Council Approves Caroline Lofts, Providing 119 Affordable Rental Homes in Midtown
Caroline Lofts will provide opportunities for essential workers and others to live in resilient, affordable homes with close access to Downtown.
July 22, 2021 -- HOUSTON – City Council has approved an investment of $19.6 million for the development of Caroline Lofts, a community of 119 rental homes located in Midtown. Providing quality, affordable homes for low- and moderate- income working families and individuals, the development will ensure that there are still home options for all Houstonians as the construction of the Innovation Corridor in Midtown continues to raise property values and attracts greater job possibilities.
Of the 119 apartment homes, 80 will be made affordable for families and individuals at a variety of income levels, with rental rates determined by occupants’ incomes. For example, the rental rate for a two-bedroom apartment will be as low as $450 per month for a family of four making just under $24,000 annually. This affordability strategy ensures that essential workers such as pharmacy technicians, childcare providers, grocery clerks, and nurses can live near their jobs and pharmacies, grocery stores, parks, the METRO Red Line and other public resources.
“The Caroline Lofts serve as a picture of the holistic approach we need to take when developing new homes,” said Mayor Sylvester Turner. “Not only are we ensuring access for those from all walks of life, but we are creating resilient properties that will serve Houstonians for decades to come.”
Development in Midtown has accelerated over the past several years and Caroline Lofts will be critical to ensuring that essential workers and long-time residents of Midtown are not displaced. In addition, the community will be built with floodproofing design elements, maintaining safe, resilient homes for the next 40 years.
“Caroline Lofts exemplifies our commitment to forward-looking disaster recovery planning,” said Ray Miller, Assistant Director of Multifamily Development at the City of Houston Housing and Community Development Department (HCDD). “We’re not just building back homes from Harvey; we’re building homes that will be more resilient during the next major Houston storm.”
The City of Houston’s investment represents approximately half of the total development cost for Caroline Lofts, with additional funding from state-approved tax credits and private lenders. The City’s contribution is allocated from the Hurricane Harvey Multifamily Program which was established by the U.S. Department of Housing and Urban Development following Hurricane Harvey. The Texas General Land Office also oversees these passthrough federal funds. In total, the program will utilize $450 million to create approximately 3,500 homes that are guaranteed to be affordable for 40 years. To learn more about the communities that have been selected through the program so far, refer to recovery.houstontx.gov/multifamily .
The City of Houston Housing and Community Development (HCDD) 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 $450 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.