Amegy Bank and New Hope Housing are making a dent in Houston’s affordable housing shortage.
Amegy Bank, led by CEO Steve Stephens, has provided $50 million in financing to propel two multifamily projects by New Hope, called Gray and Berry, creating about 300 affordable units for low- and moderate-income renters, the Houston Business Journal reported.
Berry, located at 706 Berry Street, will offer 180 one-, two- and three-bedroom apartments. Gray will have 135 one- and two-bedroom units at 2604 Gray Street. Both complexes, slated for completion in 2025, will feature community kitchens, fully furnished lounge areas, a library and social service offices.
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They will have on-site Bezos Academy locations, providing tuition-free, Montessori-inspired preschool programs for families earning up to 400 percent of the federal poverty level.
Amegy utilized a “unique community development financing solution,” with specialized bankers collaborating across various teams, including commercial real estate and nonprofit sectors.
Houston’s growing rental affordability crisis underscores the significance of these developments. Over 51 percent of renters in Harris County and the city of Houston spent more than 30 percent of their income on housing in 2021, the outlet reported, citing a study by the Kinder Institute for Urban Research. Moreover, shortages of transportation services, child care, health care and food are exacerbating the issue.
New Hope is at the helm of 11 affordable housing projects across the city.
—Quinn Donoghue