Capital One has invested approximately $16 million in low-income housing tax credits (LIHTC) to support the development of a new mixed-income senior housing apartment complex in Houston. The investment was made to Campanile on Minimax LP, and is accompanied by a $10.9 million HUD 221(d)4 loan for construction and permanent financing.
The upcoming Campanile on Minimax will feature 117 units, including 78 one-bedroom and 39 two-bedroom apartments. Of these units, 93 will be reserved for individuals or families with incomes at or below various levels of Area Median Income (AMI), while the remaining 24 will be unrestricted.
In addition to catering specifically to seniors, Campanile on Minimax aims to provide six units for households with special needs such as those who are homeless or veterans, as well as individuals with mobility impairments or sensory disabilities. The community also plans to offer resident services such as credit counseling, adult education classes, health screenings and exercise programs.
This significant investment from Capital One demonstrates their commitment towards supporting affordable housing initiatives in Houston’s growing market.
