BLVD Capital is redeveloping Granada Terrace Apartments, an affordable 156-unit residential community in South Houston, Texas.
Courtesy of BLVD Capital
The community, which includes 16 two-story buildings with a mix of one- and two-bedroom homes, is undergoing a major renovation of critical building systems and interiors. The building, built in 1962, will receive energy efficiency improvements across the entire property in order to meet the “Enterprise Green Communities” award.
“The redevelopment will preserve the much-needed affordable housing for individuals and families who are in an income range between 30% and 60% of the area’s median income,” says Robert Budman, Managing Director of the BLVD.
In addition, numerous refurbished and new amenities will be brought to the property, including two swimming pools, a communal garden, a business center, a children’s playground, and BBQ and picnic areas for residents. Social aid programs run by Community Development Corp. are now provided on-site.
All units are covered by a contract under Section 8 of the Housing Assistance Program, and Low Income Residential Tax Credit (LIHTC) requirements will keep the property available to income eligible residents through 2051. The project also aims to create economic opportunities for the local community. It has a minority and female participation target of 30% and is subject to applicable wages under Davis-Bacon and related laws.
“We are very excited to begin redevelopment of Granada Terrace, which will add decades to the useful life of this complex and immediately improve the quality of life for residents,” says Budman.
The project’s funding of approximately $ 28.7 million includes approximately $ 8.6 million of LIHTC equity from Enterprise Housing Credit Investments, a tax-free $ 12.1 million loan to Citi Community Capital and a $ 7.2 million loan for the Harris County Community Development Block Grant Disaster Relief.
BLVD Capital’s non-profit partner is Lone Star Housing and Community Development Corp. J4 Development is the general contractor and Integrated Design and Architecture is the architect.