HOUSTON – The city of Houston announced Monday that $11 million in federal disaster recovery funds will be allocated to build an affordable apartment community in the Heights area.
The city and Community Development Department will provide the new construction of Dian Street Villas, a mixed-income community of 108 rental homes. The funds were approved by Houston City County and Mayor Sylvester Turner.
According to a release, the development will offer low- to moderate-income families the opportunity to live near job centers and community amenities while adding affordable home options in the Houston Heights and replacing homes lost during Hurricane Harvey.
SuperUrban Realty and Texas Inter-Faith Development, a Houston-based development team, will receive the $11 million through the City’s Harvey Multifamily Program, according to a release. Housing credits will leverage through the development team from the Texas Department of Housing and Community Affairs and loans and investments from private banks to receive and build the property.
The Dian Street Villas community will provide a mix of one-, two- and three-bedroom apartments that feature individual HVAC, appliances, and in-unit washer/dryer connections, according to a release. Amenities will include outdoor recreation, a community room, a learning center, a fitness center, and a business center. All apartments will be elevated from future storm hazards and built with sustainable design elements, according to a release.
Costs at Dian Street will range from $340 to $1,098 per month, depending on family incomes and unit sizes. Rents reflect a discount of about $800 per month compared to market-rate properties in the area.
For more information on the multifamily development, click here.