New Hope Housing has recently begun construction on a new property in Ennis, providing much-needed affordable housing for the 55+ community in the Houston Metro area. The development, designed by GSMA and built by Camden Builders, will consist of 102 units.
Out of these units, 11 will be reserved for individuals with household incomes below 30% of the Area Median Income (AMI), while another 42 units will be reserved for those with household incomes below 50% AMI. Additionally, there will be an additional49 units set aside for households with income levels below60% AMI.
The financing for this project was made possible through a $16 million low-income housing tax credit (LIHTC) equity investment and a $16 million construction loan from Capital One. Harris County also contributed to the funding through $9 million in ARPA funds. National Equity Fund served as the LIHTC syndicator.
Residents at New Hope Housing Ennis can expect to have access to various onsite services such as case management support, emergency assistance and financial aid programs,and informational and referral services.Additionally,the communitywill offer educational opportunitiesand recreational activitiesfor its residents.
This new development is expected to help ease Houston’s shortageof senior housing optionsand provide much-needed reliefto those strugglingwith high living costsinthe area.This project showcases how collaboration between organizations can create positive change within communitiesby addressing pressing issues like affordablehousing shortagesfor vulnerable populations.
