The NHP Foundation (NHPF) has secured key financing to develop a 90-unit affordable housing community for seniors in Houston.
Trinity East Village Senior is being developed in partnership with the Trinity East Village Community Development Corp. (CDC) and Housing Alliance HTX.
“Housing Alliance HTX recognizes the importance of this housing to keep communities intact during periods of neighborhood evolvement,” said Jamie Bryant, president and CEO of Housing Alliance HTX. “The Alliance is pleased to play such a critical role in bringing this development to fruition through a substantial financial agreement including the provision of 81 project-based vouchers.”
Sixty of the apartments will serve as replacement housing for residents of Housing Alliance HTX’s Cuney Homes community, which is being redeveloped through the federal Choice Neighborhoods Initiative.
Trinity East Village Senior is the culmination of a long-standing vision by Trinity East Village CDC and Trinity East United Methodist Church to develop affordable housing on land adjacent to the church and help protect older adults with low incomes from displacement as neighborhood investment accelerates.
The development, which will serve extremely low- and low-income seniors with residents earning an average of about 41% of the area median income, also received a land contribution from the Midtown Redevelopment Authority.
Financing for the $32 million development includes a seller note from the church, funding from the city of Houston, and an investment from Rice University's Real Estate Group. Other funders include Bank of America and Churchill Stateside Group. Hudson Housing Capital served as the low-income housing tax credit syndicator.
"This closing marks an important milestone in our efforts to create high-quality affordable housing opportunities for Houston seniors, essential to preserving the diversity, history, and social fabric of neighborhoods experiencing significant growth and redevelopment while supporting the long-term revitalization of the Third Ward," said Eric Price, president and CEO of NHPF, a nonprofit affordable housing organization. “We want to thank both the Trinity East team and NHP Foundation staff for their perseverance and skill, working on the project for seven years to culminate in this tremendous achievement.”