Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Affordable Housing Project Opens Doors in NW Houston
Houston developer Avenue Community Development Corp. has completed an affordable housing project in northwest Houston. Avenue on 34th offers 56 units that are reserved for renters earning up to 30, 50, 60 and 80 percent of the area median income, as well as some market-rate units. 14 units are at market.
Support services for residents include an afterschool program, exercise classes, arts-and-crafts classes and onsite social events.
Los Angeles-based Hunt Capital Partners contributed $3 million in Low-Income Housing Tax Credit (LIHTC) equity for the project, which carried a total price tag of $18.3 million. Amegy Bank provided a $9 million tax-exempt construction loan and $5.7 million in permanent financing as part of the capital stack.
- ◦Development
