Houston City Council approves $23 million in loans for two affordable housing developments

South Rice Apartments
This property at 5612 S. Rice Ave., Houston, could soon become an affordable housing development. (Image via Google Earth)

This property at 5612 S. Rice Ave., Houston, could soon become an affordable housing development. (Image via Google Earth)

Two new affordable housing developments will receive an infusion of financing from the city of Houston.

Houston City Council approved Dec. 11 the allocation of federally backed loans for two new apartment communities in Gulfton and the Heights area.

For the Gulfton complex at 5612 S. Rice Ave., Houston, council approved a $12.4 million loan funded by a portion of Hurricane Harvey Community Development Block Disaster Recovery Grants issued by the U.S. Department of Housing and Urban Development. The remaining funding for the $33.1 million project comes from a combination of tax credits, bank loans and other sources.

The South Rice Apartments will include 115 one-, two- and three-bedroom units. It is led by Houston-based developer Brownstone.

Near the Heights, Crossroads Housing Development will receive a $11.2 million in financing to help build a $30 million project offering 114 mixed-income units for seniors at 900 Winston Ave., Houston. It will include one- and two-bedroom options.

Construction timelines were not immediately available.


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