$35M, 95-Unit Supportive Housing Project Opens in Houston

Temenos Community Development Corp., in partnership with nonprofit The NHP Foundation, has opened Rasmus-Temenos, a 95-unit permanent supportive housing community in Houston. The property includes an entire floor that is dedicated to at-risk youth. 

The project takes the place of Temenos II, a similarly sized project that was razed in 2016 because it was in the path of a new highway. Total development costs are $34.8 million. It came from numerous sources:

• $12.5 million from the City of Houston Housing and Community Development
• $11 million in Community Development Block Grant funding for Disaster Recovery from Harris County
• $10.3 million in tax credit equity from WNC
• $10 million in construction financing from Key Bank
• $735,000 self-funded loan from Temenos CDC

Additionally, the development benefited from tax-exempt bonds from the Houston Housing Finance Corp. and 4 percent tax credits allocated by the Texas Department of Housing and Community Affairs. 

The Houston Housing Authority will also provide rental subsidies in the amount of $600,000. 

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