Temenos Community Development Corp. and The NHP Foundation have joined forces to unveil Rasmus-Temenos, a permanent supportive housing community in Houston consisting of 95 units. One floor of the property is dedicated specifically to at-risk youth.
Replacing Temenos II, which was demolished in 2016 due to its location along a new highway route, this project has been completed with a total development cost of $34.8 million from various sources:
– $12.5 million from City of Houston Housing and Community Development
– $11 million in Harris County’s Community Development Block Grant funding for Disaster Recovery
– $10.3 million tax credit equity from WNC
– A construction financing worth $10 million provided by Key Bank
– Self-funded loan amounting to$735,000 by Temenos CDC
In addition to these funds, the development also received support through tax-exempt bonds issued by the Houston Housing Finance Corp., as well as 4 percent tax credits allocated by Texas Department of Housing and Community Affairs.
The rental subsidies worth $600,000 will be provided by the Houston Housing Authority for this project’s success.
This latest accomplishment marks another milestone towards providing affordable housing solutions for those who need it most in our community.
