New Homes For Greater Fifth Ward
New homes are coming to Greater Fifth Ward!
The City of Houston is partnering with Fifth Ward Community Redevelopment Corporation to develop homes near 3400 Linn Street and 4721 Market Street in the Greater Fifth Ward neighborhood. Fifth Ward CRC will oversee the construction of 73 single-family homes, including 44 affordable homes and 29 market-rate homes. The development’s home designs have a mix of two-, three- and four-bedroom single-family detached homes for homebuyers earning between 60% to 120% AMI.
Through the Affordable Home Development Program, the City of Houston will contribute a forgivable loan of $4,898,715.00 from the Uptown TIRZ Series 2021 Affordable Homes Funds to finance the infrastructure for the mixed-income development.
Additional Information
Additional Developer Requirements
About Greater Fifth Ward
One of Houston's original six wards, the site was sparsely inhabited before the Civil War. It was subsequently settled by freedmen and became known as the Fifth Ward in 1866. Mount Vernon United Methodist Church, founded in 1865 by former slave Rev. Toby Gregg, is the oldest institution in the ward. Five other churches in Fifth Ward are over 100 years old. In the 1880s, the ward enjoyed a boom following the construction of repair shops for the newly built Southern Pacific Railroad.
In the 1990s and 2000s, the area saw significant housing and commercial growth as the Fifth Ward Community Redevelopment Corporation worked to revitalize the neighborhood through new home construction as well as an increased focus on job training, access to technology, and access to the arts. A cultural arts festival celebrates the artistic, culinary, and musical heritage of the area.
Please visit the Super Neighborhood 55 – Greater Fifth Ward page to learn more.
About The Developer
Mission: Fifth Ward CRC catalyzes resources to build and preserve an inclusive 5th Ward Community by developing places and opportunities to live, work and play.
Vision:Fifth Ward CRC brings together partners and financial resources to focus on the redevelopment of 5th Ward. By providing housing, art, cultural opportunities, community parks, and more, we are expanding opportunities for economic growth.
About the Affordable Home Development Program
Key Facts
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The program aims to create new homeownership opportunities for residents.
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Developments located across Houston.
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Developments are mixed-income. At least 40 homes in each AHDP development will be attainable to households earning up to 120% of the Area Median Income or less. For a family of four, for example, this would mean earning $106,300 or less as of 2022.
FAQs - Frequently Asked Questions
Note: The following FAQ pertains to the City’s administration of the Affordable Home Development Program. The City’s developer partners may have additional program guidelines.
Q: How do I buy a home? - Answer
A: Homebuyers will purchase market and attainable rate homes directly through the developers. The City will partner with the developer to co-market and perform income eligibility reviews for the attainable rate homes.
Q: What role does the City have in the homebuyer process? - Answer
The City will partner with the developer to comarket the community. This includes cohosting community meetings, and webinars.
Additionally, the City will perform income eligibility reviews for homebuyers purchasing an attainable rate home.
Q: Can I use down payment assistance programs to help buy a home? - Answer
A: Homebuyers purchasing affordable or market rate homes may use down payment assistance programs available to them through their private mortgage lender or other entities.
Q: What do you mean by “attainable rate” homes? - Answer
A: Generally, rent or mortgage payments should not exceed 30% of household gross income. The City’s financial investment through the Affordable Home Development Program will decrease the purchase price from the current market rate to the homebuyer’s secured fixed rate mortgage to make homes more attainable.
Q: How will I know when homes are available to purchase? - Answer
A: The developer will market when the homes are available to purchase. HCD will also inform the community through the HCD Homebuyers Hub page, and HCD social media.
Q: How will the homebuyer process work? - Answer
A: The first step for every homebuyer will be to secure a 30-year fixed rate mortgage from a lender. For homebuyers purchasing a market-rate home, they will then continue the traditional homebuyer process.
Homebuyers purchasing an attainable-rate home will also need to attend a HUD-certified eight (8) hour homebuyer education course and earn up to 120% of the Area Median Income as determined by HUD when purchasing the home. The City’s financial investment through the Affordable Home Development Program will decrease the purchase price from the current market rate to the homebuyer’s secured fixed rate mortgage to meet the attainable home price.
Q: Is there an affordability period or secondary lien on the homes?- Answer
A: The City will not impose a secondary lien on market-rate homes.
The City will impose a five-year secondary lien on attainable rate homes. The secondary lien will be forgiven at the end of the five-year period. Please note that individual developers may impose a longer secondary lien on attainable rate homes.
Q: Will there be any difference between market-rate homes and attainable homes? - Answer
A: No, all homes will have the same construction quality, finishes, and appliances.
