The grand opening, announced in a Feb. 28 news release, signifies a concerted effort to address homelessness in the community, officials said.
Zooming in
Rasmus-Temenos, located in Midtown at 1703 Gray St., is a $34.8 million project that replaces Temenos II, another affordable housing community set for demolition by the Texas Department of Transportation to accommodate highway improvements on I-45, according to the release.
The property has a dedicated floor for at-risk youth, and it will replace the 80 units lost with the demolition of Temenos II, according to the release.
The cost
The funding for Rasmus-Temenos came from various sources, according to the news release:
- City of Houston Housing and Community Development contributed $12.5 million.
- Harris County Community Services Department contributed $11 million.
- Temenos CDC contributed $735,000.
- Key Bank provided $10 million in construction financing.
- WNC, a financial service company, contributed $10.3 million in tax credit equity.
- Financing also involved tax-exempt bonds from Houston Housing Finance Corporation and 4% tax credits from Texas Department of Housing and Community Affairs.
- Rental subsidies for the 95 units will be provided by Houston Housing Authority, with approximately $600,000 in annual services funding from the U.S. Department of Housing and Urban Development, with support from Coalition for the Homeless, according to the release.
"This rebuilding was a long journey, involving the efforts of several agencies and individuals to ensure that the 80 rental apartments lost are now restored for individuals experiencing homelessness," said Neal Drobenare, senior vice president of the NHPF.
“This comprehensive funding through our continuum of care programs ensures that Rasmus-Temenos will provide much-needed rent support to individuals experiencing homelessness in Houston,” said Eric Cobb, field office director for HUD.
