HTG Starts Work on 1st Houston Affordable Community
Housing Trust Group (HTG) closed on financing and commenced construction on The Rushmore, a $33.8 million affordable housing community located in the Energy Corridor of Houston, Texas. The family-oriented development comprised of 101 units is HTG’s first community in Houston and third overall in Texas.
The Rushmore’s apartments will be mixed-income. 85 units will be reserved for income-qualifying residents earning between 30% and 60% of the area median income (AMI), and 16 units will be priced at market rate.
Located at 800 Highway 6 S, The Rushmore will consist of units with rents ranging from $532 to $1,875 per month. Onsite amenities include a resort-style swimming pool, community clubroom, workroom, state-of-the-art fitness center and game room.
Funding sources include $20 million in construction financing from Citi Community Capital and $15.2 million in Low-Income Housing Tax Credits (LIHTC) syndicated through Raymond James. The Harris County Housing Financing Corporation is the general partner and is providing a 99-year ground lease.
