New Homes For South Park
New homes are coming to South Park!
The City of Houston is partnering with Horizon Residential Communities, LLC to develop homes near 5003 Almeda Genoa in the South Park neighborhood. Horizon will oversee the new construction of 91 single-family homes, including 60 affordable homes and 31 market-rate homes. The development’s home designs are three-bedroom single-family detached homes for homeowners earning 90% to 120% AMI.
Through the Affordable Home Development Program, the City of Houston will contribute a forgivable loan of $5,602,794.00 from the Uptown TIRZ Series 2021 Affordable Homes Funds to finance the infrastructure for the mixed-income development.
South Park is located in Houston’s southside with borders on Loop 610 to the North, Sims Bayou on the South, Mykawa Road on the east and local streets that zig-zag west of Martin Luther King Boulevard. South Park is a series of tract-home subdivisions developed along South Park Boulevard during the 1950s. The oldest subdivision consists of small frame homes on streets named for World War II battles that the original homebuyers, many of whom were returning veterans, knew from personal experience.
Please visit the Superneighborhood 72 – South Park page to learn more.
Mission Statement: Horizon: Building For The Future.
Horizon is a State of Texas certified Historically Underutilized Business (HUB) with a proven history of providing clients impeccable general contracting services since 1994.
Horizon is one of the premier construction managers, general contractors, job order contractors, and consulting experts in the construction industry.
About the Affordable Home Development Program
The program aims to create new homeownership opportunities for residents.
Developments located across Houston.
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, webinars, and the City’s New Homebuyer Interest Survey .
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, HCD social media, and through our New Homebuyer Interest Survey .
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.