On October 17th, New Hope Housing marked the groundbreaking of Avenue C, a new community designed to support seniors with limited incomes. Slated to open in 2025, Avenue C will be the first affordable housing development in the Magnolia Park neighborhood in 30 years, providing 120 one- and two-bedroom apartments for seniors aged 55 and older.
The total project budget of $41 million is funded through a combination of 4% Low Income Housing Tax Credits, private activity bonds, the American Rescue Plan Act (ARPA) Multifamily Program, and multifamily bonds issued by the Harris County Housing Finance Corporation.
News coverage: