HOUSTON — Houston Housing and Community Development Department (HCDD), along with an affiliate of Atlantic Pacific Communities, has unveiled plans for Heritage Senior Residences, an affordable senior living community to replace housing lost during Hurricane Harvey.
The project was awarded $14.4 million in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds. In addition, these funds were paired with $13.8 million of equity generated from the sale of housing tax credits, a $9.8 million permanent loan from Citi Community Capital, and a $20.5 million construction loan from Bank of America. The development is set to be completed in late 2022.
The new build will be in the highly sought-after Washington corridor at 1120 Moy St., one of the fastest growing neighborhoods in the country. The senior living space will offer 135 one- and two-bedroom units that will ensure that those living in the Memorial and Rice Military area remain near affordable necessities.
The Census Bureau reports that 64 percent of senior households in the 77007 zip code are rent burdened, paying over 30 percent of their income on housing. Heritage Senior Residences will include livable rents and more than 7,700 square feet of common area space and amenities including a fitness center, recreational deck and dining area. The community will also be located near entertainment centers and shopping.
The mixed-income development will consist of 70 percent affordable apartments ranging from $445 to $1,189 per month for one-bedroom units and $534 to $1,426 per month for two-bedroom units. Market-rate units will range from $1,304 per month for one bedroom to $1,624 per month for two bedrooms.