South Acres/Crestmont Park, Almeda Genoa & Furman Road
New homes are coming to South Acres/Crestmont Park, Almeda Genoa & Furman Road!
The City of Houston is partnering with Five Woods Realty to develop 13520 Furman Road in the South Acres/Crestmont neighborhood. Five Woods Realty will build 45 three and four-bedroom single-family townhomes, including 40 affordable and 5 market-rate homes. The homes will be sold to homebuyers earning up to 120% of the Area's Median Income.
Through the Affordable Home Development Program (AHDP), the City of Houston will contribute a forgivable loan of $2,000,000.00 from the Uptown TIRZ Series 2021 Affordable Homes Funds to finance the infrastructure for the development.
About South Acres/Crestmont Park
South Acres/Crestmont Park is a suburban area of south-central Houston across Sims Bayou from Sunnyside. Most of the housing in the community is post-war single family in typical suburban street patterns. The community is bordered by undeveloped land to the south, east and west which became more accessible upon the opening of the South Freeway in the early 1980s and the recent opening of the South Belt. Please visit the Super Neighborhood 76 – South Acres/Crestmont Park page to learn more.
About The Developer
Five Woods Realty began in 2005, when the company launched as a residential real estate brokerage firm providing real estate services to families and individual investors. The firm expanded into providing commercial real estate brokerage services and advisory services for apartment developers on affordable multifamily housing projects. Five Woods’ introduction to affordable housing resulted from its targeted market knowledge and extensive relationships within the public and governmental sectors. Since 2012, Five Woods has served as a full-service real estate brokerage, advisory and development firm, and has been responsible for an array of affordable multifamily developments throughout the Greater Houston submarket.
Five Woods is a certified Minority Business Enterprise (MBE), recognized as a state of Texas Historically Underutilized Business, and is a federal HUBZone business.
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.
