The Houston Housing Authority (HHA) is developing
Independence Heights Apartments, a multifamily affordable housing property of
at least 150 units on a site at North Main and Crosstimbers. This site is
within a neighborhood designated as both a Community Revitalization Outreach Area
of the Hurricane Ike Disaster Recovery Round 2 program and as a Great
Opportunities neighborhood by Local Initiatives Support Corporation (LISC). HUD
has approved the property for the development of affordable housing and the
Texas General Land Office has approved use of Disaster Recovery funds.
Three parcels of land are being assembled for
the mixed-income, mixed-use development. Two parcels, 8666 North Main and 306
Crosstimbers, have already been acquired by HHA. The subject site (8606 North
Main) is being acquired through a condemnation process. This Ordinance will authorize up to $750,000
as gap financing of the total project cost of $40.5 million. If the condemnation
process renders a sales price that is over $750,000, the Houston Housing
Authority will fund the difference.
This development will provide much-needed high quality
one, two, three, and four bedroom units. As a Housing Authority project, all units will
serve families with incomes at or below 60% area median income (AMI). In
addition, 20% of the units will be subject to HUD’s Public Housing restriction
to make them available to families with incomes at or below 30% AMI. Amenities
include community green areas and a community building with kitchen, business
center, fitness room, and activity room.
In exchange for the CDBG funding, HHA will restrict 51%
of the units for five years, on behalf of the City of Houston. The projected land
acquisition cost is as follows:
Land Assemblage:
|
306 Crosstimbers
|
$750,000
|
|
8666 North Main
|
290,000
|
|
8606 North Main (Subject Site)
|
750,000
|
|
Total cost of land
|
$1,780,000
|
This item was reviewed by the Housing and Community
Affairs Committee on February 17, 2015.