Housing Trust Group (HTG), a leading multifamily developer has closed on financing and commenced construction on The Rushmore, a $33.8 million affordable housing community located in the Energy Corridor of Houston, Texas.
Apartments at The Rushmore will be mixed-income. There will be 85 units reserved for income-qualifying residents earning at or below 30%, 50%, and 60% of the area median income (AMI) and 16 units priced at market-rate.
“With Houston’s population continuing to grow rapidly, so does its need for affordable housing that addresses immediate demand throughout the area,” said Matthew Rieger, President and CEO of HTG. “As the nation’s fourth largest city, affordable housing options have remained scarce, creating a severe shortage in apartment units accessible to low-income renters.”
According to a report from the National Low Income Housing Coalition, Houston has the nation’s second most severe shortage of affordable and available rental homes at just 15 available per 100 extremely low-income households (NLIHC).
Located at 800 Highway 6 S, The Rushmore will consist of 32 one-bedroom, 50 two-bedroom, and 19 three-bedroom units with rents ranging from $532-$1,875 per month. Residents will enjoy onsite amenities including a resort-style swimming pool, community clubroom, workroom, state-of-the-art fitness center, game room, and a designated dog walking path.
Furthering these amenities, The Rushmore will include resident-focused offerings such as annual income tax preparation, career training and partnerships, quarterly social events with law enforcement and first responders, bimonthly arts and crafts, and notary services during business hours.
The Rushmore is a public-private partnership. Funding sources include $20 million in construction financing from Citi Community Capital, $15.2 million in Low-Income Housing Tax Credits (LIHTC) syndicated through Raymond James, $3 million in HOME financing from the City of Houston, a $5.975 million American Rescue Plan Act (ARPA) loan from Harris County, and an $8.1 million permanent loan from Citi Community Capital. The Harris County Housing Financing Corporation is the general partner and is providing a 99-year ground lease to ensure long-term affordability.
The design and construction team for The Rushmore includes General Contractor Harris County Housing Finance Corporation, Prime Subcontractor EOS Builders LLC, HEDK Architects, engineer WGI Inc., interior design by Builders Design, and landscape architecture by GreenScape Associates.
