CitizensNet Newsletter: DISASTER RECOVERY | September 9, 2021
City Council Approves New Hope Housing Savoy, Providing 120 Affordable Rental Homes in Sharpstown
Houston Mayor Sylvester Turner and City Council today approved $13.2
“The floods of the past decade coupled with the challenges of the pandemic have increased the need for intervention before families or individuals are forced into homelessness,” said Mayor Sylvester Turner, “The Savoy development will bring valuable resources and services to vulnerable families in the southwest Houston.”
New Hope Housing Savoy will be a four-story, elevator-accessibl
“With a 26-year history of creating and maintaining high-quality, affordable homes and a robust service model to help tenants succeed in the personal lives and in the community, New Hope Housing brings expertise, and experience working with the City” said Ray Miller, assistant director of multifamily development at the Housing and Community Development Department. “We look forward to the continued collaboration to bring this development and services to more Houstonians.”
The City is financing 39% of the total development cost of almost $33.8 million. The National Equity Fund will provide more than $14.1 million in tax credits awarded by the Texas Department of Housing and Community Affairs and charitable contributions provide the balance.
The Harvey Multifamily Program is made possible by funding from the U.S. Department of Housing and Urban Development (HUD), with oversight by the Texas General Land Office. In total, the program will spend $450 million to create over 4,300 resilient rental homes across Houston. Information on each development and its progress can be found at recovery.houstontx.gov/
The City of Houston Housing and Community Development (HCDD) makes long-term investments to better the lives of Houston residents by creating opportunities for every Houstonian to have a home they can afford in a community where they can thrive. Our department will spend approximately $450 million in federal, state, and local funding this fiscal year to construct and maintain affordable homes, reduce barriers to homeownership, support the work of social service providers, build public amenities, and facilitate disaster recovery efforts. Learn more about programs and resources for Houstonians at www.houstontx.gov/housing.