The Heritage Senior Residences—a project by Heritage Senior Residences L.P., an affiliate of the Florida-based Atlantic Pacific Communities—will offer 135 one- and two-bedroom units to seniors over age 55 who make between 30% to 80% of the area median income. Located at 1120 Moy St., the five-story project is slated to open to residents in late 2022, according to the release.
The Houston City Council first approved an allocation of $14.4 million in Community Development Block Grants for the project at its April 7 meeting. In a statement in June, District C Council Member Abbie Kamin, who represents the area, said it was the first time such a grant was approved in the district in decades.
"Housing prices and rents continue to rise in Houston, making it harder for our seniors to live in high quality, affordable housing," Kamin said. "Atlantic Pacific has been a terrific partner in tackling this issue, bringing a better quality of life not only to our seniors, but the surrounding neighborhoods."
In addition to the $14.4 million in CDBG funds, the project also is being funded with $13.8 million of equity generated from the state's 9% low-income housing tax credit, a $20.5 million construction loan from Bank of America and a $9.8 million permanent loan from Citi Community Capital, according to the release.
Upon completion, the project will feature a fitness center, laundry facilities, club room, community dining area, business center, conference room, card room and a recreational deck terrace with pavilions and grills.
Market rental prices will range from $1,304 for one-bedroom units to $1,624 for two-bedroom units. Affordable rental prices will range from $445-$1,189 for one-bedroom units and $534-$1,426 for two-bedroom units.