Avenue Community Development Corporation to Build New Homes with $5M NMTC Allocation
As part of the latest Smith NMTC transaction, a $30M closing with Community Housing Capital, Avenue Community Development Corporation of Houston, Texas, will use a $5M allocation to build approximately 18 homes in the Northline community.
In the Northline community, there is a significant lack of housing stock, particularly at price points aligned with the $36,000 median household income. The specific sites where homes will be constructed include Avenue Meadows and Avenue Park, highly distressed neighborhoods where the poverty rate is as high as 35.3 percent.
Approximately half of the new homes will be sold to low-income buyers who will receive pre-purchase financial counseling, homebuyer education, and ongoing support. Residents will benefit from the affordability of these new homes and also from their proximity to transit lines that easily access the downtown area and Texas Medical Center employment opportunities.