Jump to content

OST Lofts: Multifamily At 5520 Old Spanish Trl.


hindesky

Recommended Posts

  • 2 weeks later...
  • The title was changed to OST Lofts: Multifamily At 5520 Old Spanish Trl.
  • 5 weeks later...

https://www.bizjournals.com/houston/news/2022/12/12/houston-city-council-affordable-housing-loans.html

Houston City Council to vote on $21.3M in loans for affordable housing developments

Dec 12, 2022, 1:52pm CST

Houston City Council is set to vote Dec. 14 on proposals to allocate a total of about $21.3 million for two loans aimed at affordable housing.

As the cost of living continues to rise, Houston City Council is set to vote Dec. 14 on proposals to allocate a total of about $21.3 million for two loans aimed at affordable housing.

Of the two loans, the first is between the city and Tejano Center for Community Concerns — a program dedicated to helping those who are underserved, underrepresented and under resourced — for $19.3 million from a Community Development Block Grant, a federal disaster recovery fund.

If passed, the money will be used for the acquisition and development of OST Lofts, a $43 million development that will provide multifamily affordable housing. The National Equity Fund and Amegy Bank are the city's joint venture parters on the project. The Tejano Center is partnering with developer Donna Rickenbacker from Houston-based affordable housing provider DWR Development for the project.

Located at 5520 Old Spanish Trail, the OST Lofts will offer 130 units, 80% of which will be for residents who earn 60% or less of the area median income. There are expected to be 74 one-bedroom units, 44 two-bedrooms and 12 three-bedrooms.

If passed, the loan and duration of the affordability period for this project will be 40 years.

  • Like 2
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...