The Metropolis of Houston approves a $ 19.6 million funding in reasonably priced new midtown rental residences
Houston City Council approved $ 19.6 million spending on the development of Caroline Lofts, a proposed affordable rental community to be built in Midtown at 2403 Caroline St., Houston. (Courtesy of the City of Houston)
Houston City Council approved $ 19.6 million spending on the development of Caroline Lofts, a proposed affordable rental community to be built in Midtown at 2403 Caroline St., Houston.
The 119-house project aims to ensure the availability of housing for low- and middle-income families in Houston’s burgeoning Innovation Corridor, where construction is expected to bring more job opportunities but also to raise property taxes, according to a July 22 press release by the Department of Housing and Community Development for the City of Houston. The four mile long area extends from the Texas Medical Center to downtown and includes the upcoming Ion-Tech collaboration hub.
The six-story project will take up the portion of the block between McIlhenny and McGowan Streets, and an existing office building that was previously occupied by the Salvation Army will be demolished. The project, which is being developed by Mark-Dana Corporation, received a statement of support from the Midtown Management District Board of Directors in February.
According to the announcement, a total of 80 of the 119 residential units will be available at affordable prices, with rental prices being based on the income of each resident. The rental price for a two-bedroom apartment is only $ 450 per month for a family of four who make just under $ 24,000 annually.
“This affordability strategy ensures that key workers such as pharmacy technicians, child carers, grocers and nurses can live near their workplaces and pharmacies, grocery stores, parks, the METRO Red Line and other public resources,” the press release said. “Development in Midtown has accelerated in recent years and Caroline Lofts will be instrumental in ensuring that key workers and long-time Midtown residents are not displaced.”
The total cost of the project is estimated at approximately $ 39.9 million, with the remainder of the cost being covered by government-approved tax credits and private lenders. The $ 19.6 million from the city of Houston comes from the Hurricane Harvey Multifamily Program, which was launched by the US Department of Housing and Urban Development after Hurricane Harvey and is overseen by the Texas General Land Office.
The project’s ground floor will serve as a parking garage, amenity center and retail space, according to a project description published in April prior to HHCD’s application for Harvey grant funds. Facilities include a common room, business center with computers and Internet access, exercise room, communal laundry room and swimming pool. Social services such as loan counseling, home buying education, financial planning and notary services are provided free of charge to local residents.
Other projects to raise funds from the Harvey apartment building program in Houston, which will use $ 450 million to create around 3,500 affordable homes, include the 135-unit Heritage Senior Residences and the rebuilding of a 197-unit project at 2100 Memorial Drive.
Caroline Lofts will be built with flood-proof design elements according to the July 22nd release.
“Caroline Lofts exemplifies our commitment to future-oriented disaster recovery planning,” said Ray Miller, assistant director of multi-family development for the Houston City Department of Housing and Community Development. “We’re not just building out Harvey houses; We’re building houses that will be more resilient during the next big storm in Houston. “
A schedule for the project was not disclosed.