HOUSTON – The City of Houston Housing and Community Development Department (HCDD) will allocate an additional $54,560,000 to support five more proposals to bring over 700 new rental units to Houston. These awards join the 10 projects announced last week as the recipients of Round 2 of funding for the Harvey Multifamily Program. This program, funded through a grant from the U.S. Department of Housing and Urban Development, will create new rental homes and replace those damaged during Hurricane Harvey.
Combined with the developments announced last week, this round of funding will create over 3,500 rental homes for Houstonians, including 3,100 homes targeted to low- and moderate-income renters, and 85% of the units created will be targeted towards households making at or less than 60% of Area Median Income. With the announcement of these additional five projects, the Harvey Multifamily Program has allocated nearly the full amount of its $350,000,000. Each of the selected proposals leverages multiple funding sources, allowing for total investment from this program to exceed $1 billion.
The five newly announced projects utilize 4% housing tax credits from the Texas Department of Housing and Community Affairs (TDHCA) along with other funding sources. These developments will contain resilient building features and contribute to an equitable recovery process that will provide affordable, quality homes for up to 40 years. More details on each of these proposals can be viewed in the table below.
|Development||Developer||Other Financing||Total Units||Council
|HCDD Priority||Population||Recommended Award (i)|
|Summit at Renaissance Park||Zieben Group||4% HTCs||325||B||Located within CRA (TIRZ 11)||Family||$14,900,000|
|Caroline Lofts||Mark-Dana Corp||4% HTCs||119||
|Located within CRA (TIRZ 2)||Family||$11,900,000|
|Houston Area Women’s Center||HAWC / New Hope Housing||Other||135||D||Supportive Housing||Supportive Housing||$14,850,000|
|Temenos Place||NHP Foundation / Temenos CDC||4% HTCs||94||D||Supportive Housing||Supportive Housing||$8,000,000|
|HAY Center Campus||HAY Center / Harris County||Other||50||I||Supportive Housing||Supportive Housing||$5,000,000|
i) amount is subject to revision during HCDD underwriting.
At this time, some proposals using 9% tax credits are undergoing an appeals process with the Texas Department of Housing and Community Affairs, which may lead to changes to the details of this round of funding. Those changes will be announced once the TDHCA makes its decisions available.
For more information regarding the Harvey Multifamily Program, please refer to the program’s website, which includes an interactive map of projects that have received funding, at https://recovery.houstontx.gov/multifamily-program/.