Northland Woods Apartments is a 280-unit garden-style multifamily community.
HOUSTON—Affordable housing continues to be an issue in Houston and throughout the country. Some new developments devote a portion of a property to affordable units while others are entirely affordable in nature.
One such property that is deemed affordable for low-income families is Northland Woods Apartments, a 280-unit garden-style multifamily apartment community comprised of 21 two- and three-story apartment buildings. It is located at 15165 Vickery Dr. in the Greenspoint neighborhood of northern Houston near George Bush Intercontinental Airport.
Hunt Mortgage Group recently provided a Fannie Mae loan facility in the amount of $11.6 million to refinance the multifamily property.
"The borrower built the property in 2005 and is a seasoned owner of multifamily affordable housing. All of the multifamily properties they own are located in Texas with the majority in Houston or the surrounding metro region," noted Paul Weissman, senior managing director at Hunt Mortgage Group. "The low income housing tax credit program was utilized to develop the property."
Northland Woods Apartments is operated as an affordable apartment community for residents earning 60% of the area median income or less with rents restricted at 50% area median income. Project amenities include an on-site leasing/management clubhouse building with Wi-Fi accessibility, business center and fitness center, two swimming pools, a playground, three common laundry buildings and a wooden pergola adjacent to the pool at the clubhouse building.
"This project provides much needed affordable housing in the Houston market," Weissman tells GlobeSt.com. "While Houston is seeing some softness, the need for affordable housing continues to grow, as is true of most major metropolitan areas of the United States."
There are currently 269 low-income housing apartment complexes which contain 46,139 subsidized apartments for rent in Houston. Many of these rental apartments are income-based housing with about 12,266 apartments that set rent based on household income. There are 5,434 project-based Section 8 subsidized apartments in Houston. There are 31,145 other low-income apartments that don't have rental assistance but are still considered to be affordable housing for low income families, GlobeSt.com learns.
Fair market rents are used to establish the payment standards for the Section 8 housing choice voucher program. In Houston, the fair market rents range from $701 to $1,690. To qualify for low income housing in Houston, a family of four would generally have to earn less than $34,600.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
