TAAHP member Brownstone Affordable Housing gets approval for a $12.4 million loan to build its South Rice Apartments — and affordable housing apartment community in Houston. The 115-unit development will include both 2- and 3-bedroom apartments.
The development was one of two loan approvals for affordable housing communities funded in part by Hurricane Harvey Community Development Block Disaster Recovery Grants issued by the U.S. Department of Housing and Urban Development (HUD). The development will cost a total of $33.1 million with the rest of the funding coming from federal housing tax credits, bank loans and other sources according to Community Impact.
South Rice Apartments will be built at 5612 S. Rice Ave.
In 1971 William “Bill” L. Brown formed his first real estate company. Over the past 45 years Bill’s companies have planned, developed and/or constructed over 16,000 housing units. The Brownstone companies are currently focusing on market rate apartments, multi-family tax credit projects and multi-family disaster recovery program projects. Since 2005 over 10,000 of those units have been planned, developed and/or constructed in partnership with Bill’s three sons (Jed, Doak & Wil) valued at over $935 million dollars. To view current and past developments, click here to visit the company’s website.