HTG has recently secured financing and begun construction on The Rushmore, a new affordable housing community in Houston’s Energy Corridor. This $33.8 million development will consist of 101 units and marks HTG’s first project in Houston and third overall in Texas.
The Rushmore will offer mixed-income apartments, with 85 units reserved for residents who earn between 30% to 60% of the area median income (AMI). The remaining 16 units will be priced at market rate.
Located at the address of 800 Highway S6, this community will feature a range of rental prices from $532 to $1,875 per month. Residents can enjoy various onsite amenities such as a resort-style swimming pool, community clubroom, workroom, state-of-the-art fitness center and game room.
Funding for this project includes $20 million in construction financing from Citi Community Capital as well as an additional $15.2 million through Low-Income Housing Tax Credits (LIHTC) syndicated by Raymond James. The Harris County Housing Financing Corporation is also involved as the general partner and providing a long-term ground lease agreement lasting up to99 years.
This exciting new development is expected to provide much-needed affordable housing options for families while also contributing positively towards the local economy.
