TAAHP member Brinshore Development agreed to reduce the size of its planned affordable housing development at 402 Columbia in Houston after some pushback from nearby residents. Originally planning to build a five story apartment complex offering 85 affordable units, the development will now be a four story complex with just 67 units. Residents living in the nearby neighborhood of Houston Heights were concerned the building would be out-of-scale with the neighborhood.
The new development will be built with the help of housing tax credits awarded by the Texas Department of Housing and Community Affairs (TDHCA). The tax credits will be sold to investors looking to offset their tax liability in exchange for capital to pay for a portion of the development and construction costs. The developer will pass along the savings to residents in the form of lower rents based on household income. Units will be rented to households earning between 30 percent and 80 percent of the area’s median income (AMI) of $60,000 for a family of two. The majority of units will be rented to those earning 60 percent of AMI.