A City of Houston-authorized loan of $6.27 million in federal funds to assist with site acquisition and new construction lead to AMTEX constructing a 177-unit affordable housing complex at Green Oaks. The state of Texas also assisted by providing a tax credit through the Texas Department of Housing and Community Affairs. Other funding for the project came through Citibank.
Affordable Housing Shortage
Houston has a severe shortage of affordable housing units, only partially addressed by the AMTEX project.
Houston Mayor Sylvester Turner and the city council provided unanimous support. District B Council Member Jerry Davis and Harris County Commission Precinct 1, District 141 State Representative Senfronia Thompson, area neighborhood homeowners' associations, business chambers, and the surrounding northeast Houston community also provided support for this project.
The Green Oaks Apartments Development, located at 1475 Gears Road, was completed on time and under budget.
The Houston Housing Authority's analyzed local census data to show that more than 400,000 households qualify for housing assistance at 80 percent of the area median income (AMI). Housing for about half of those families consumes more than 30% of their income, and two-thirds of those families (155,582) live in poverty.
Lack of affordable housing is a big problem for Houston, as existing affordable housing stocks only help 76,725 families.
"In addition to providing beautiful, new affordable apartment homes for Houstonians, I'm happy to report that AMTEX exceeded the supplier goals set by the City, State and Federal government, which resulted in unprecedented economic development opportunities for minority, women/small business enterprises, and HUD Section 3 businesses," - Arjun Nagarkatti, AMTEX President.
Positive Economic Impact
"The economic impact of these apartments has already had a tremendous ripple effect throughout the community, and AMTEX looks forward to Green Oaks serving thousands of deserving residents for many years to come," Nagarkatti said.
After being impacted by Hurricane Harvey in 2017, Houston has been rebuilding. Mayor Turner commended AMTEX for being a reliable partner in the ongoing effort, and for overcoming pandemic-response-related challenges, including shortages of manpower and building materials. He also made mention of the project's local economic impact and AMTEX's success in exceeding the city's MWBE and HUD's Section 3 participation goals.
Mayor Turner said he is pleased that AMTEX did not stop there, noting how the company provided added value to residents by building in on-site support programs and services focusing on health & nutrition, computer literacy, job training, and parenting skills for Green Oaks residents. "This is how you create an asset to the community," said Mayor Turner.
This project could turn out to be a model to be pursued by other affordable housing projects throughout the USA.