Houston (Harris County) — The Houston Housing Authority has partnered with the Texas division of AMCAL Multi-Housing Inc.–a housing developer based in Agoura Hills, California–to construct two rent-controlled apartment complexes.
The HHA Board of Commissioners at their July 16 session approved two resolutions with AMTEX Multi-Housing LLC.
Resolution No. 3061 authorizes the housing authority’s president and chief executive officer to execute a Memorandum of Understanding to form a housing development partnership. Under this resolution, AMTEX proposes to build a new affordable apartment property with 370 units.
This resolution was first presented to the Board for consideration at the June session, but it was tabled at the request of a commissioner who wanted more time to discuss the project with AMCAL’s project manager, David Wolf.
“The proposed Midtown development is located in a federally designated Opportunity Zone (established by the Tax Cuts and Jobs Act of 2017), as well as a tax increment reinvestment zone (TIRZ),” the resolution states. These government designations provide financing advantages that make it possible to offer apartments at lower cost.
The MOU will ensure that 185 units will go to families earning 80% of the area median income. Of the 185 units, 140 will be one-bedroom units and 45 will be two-bedroom units.
All of the remaining units will be leased at market rates. However, two units will be set aside as living quarters for onsite management.
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HOUSTON | AMCAL Midtown | 342 FT | 30 FLOORS
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