BLVD Capital is redeveloping the Granada Terrace Apartments, a 156-unit affordable housing community in South Houston, Texas.
The community, which features 16 two-story buildings with a mix of one- and two-bedroom homes, will undergo a comprehensive renovation to critical building systems and unit interiors. Built in 1962, the development will receive energy-efficiency upgrades throughout the property to meet the Enterprise Green Communities designation.
“The redevelopment will preserve much-needed affordable housing for individuals and families who fall in an income range between 30% and 60% of the area median income,” says Robert Budman, BLVD’s managing principal.
In addition, numerous renovated and new amenities will be brought to the property, including two swimming pools, a community garden, a business center, a children’s playground, and barbecue and picnic areas for residents. Social service programs administered by the Community Development Corp. will now be provided on site.
All units are covered by a Section 8 Housing Assistance Program contract, and the low-income housing tax credit (LIHTC) requirements will keep the property available for income-eligible residents through 2051. The project also aims to create economic opportunities for the local community. It has a minority and women-owned business participation goal of 30% and is subject to prevailing wages in accordance with the Davis-Bacon and Related Acts.
“We are thrilled to begin redevelopment of Granada Terrace, which will extend the useful life of this complex for decades and immediately enhance ‘quality of living’ for residents,” Budman says.
Financing for the approximately $28.7 million project includes about $8.6 million in LIHTC equity from Enterprise Housing Credit Investments, a $12 .1 million Citi Community Capital tax-exempt loan, and a $7.2 million Harris County Community Development Block Grant-Disaster Relief loan.
BLVD Capital’s nonprofit partner is Lone Star Housing and Community Development Corp. J4 Development is the general contractor, and Integrated Design and Architecture is the architect.
