2640 FOUNTAIN VIEW APARTMENTS HIGHLIGHTS

 

• Overview:  A four story podium-style apartment building with secured access parking garage at ground level. 

 

• Unit Mix:  The community will have 233 units comprised of:

 

• 24- Studio Units

• 132- 1 Bedroom units

• 77- 2 Bedroom units

 

• Tenant Screening Criteria:  All applicants will be screened in accordance with HUD’s and our Authority’s rules and regulations as well as sound management practices.  During screening, our Authority requires prospective tenants to demonstrate their ability to pay rent and comply with the provisions of their lease.  Required information includes:

 

• Verification of income

• Credit history

• Criminal background check

 

• Tenant Income Requirements:

 

• 70% of the units will be available to families with incomes not to exceed 60% of the Houston Area Median Income (AMI).  Depending on family size, these are generally families making between $25,000 and $41,500 per year.  Some examples of jobs in this salary range are Medical Assistants, Firefighters, Teaching Assistants, and Administrative Assistants. 

 

• 20% of the units will be available at a market rate.  We anticipate residents in these units typically being families that earn between $41,500 and $55,000 per year.  Some examples of jobs in this salary range are Social Workers, School Teachers, Retail and Commercial Salesclerks. 

 

• 10% of the units will be available to families’ whose income is 30% AMI or less.  Generally, these families earn less than $25,000 per year.  Some examples of jobs in this salary range are Restaurant Workers, Maintenance Workers, Hair Dressers, and Janitorial Staff. 

 

• Features will include:

 

• Controlled gate access with secured parking garage

• Courtyard swimming pool with gazebos and seating

• Barbecue grills and picnic tables

• Perimeter lighting and landscaping

• Fitness center, business center, and cyber café

• Rentable storage

    The community’s amenities will be very similar, if not identical, to those offered to residents living in other new first class apartment communities

    recently opened or under construction on Fountain View Drive and nearby. 

 

• Financing:  The project will be financed with tax-exempt bonds combined with funds from the sale of federal income tax credits available to incentive affordable housing—these tax credits are often referred to as Low Income Housing Tax Credits (LIHTC).  The equity for the development will be provided through proceeds from a federal Community Development Block Grant (CDBG) as well as capital from our Authority as needed. 

 

• Project Timeline:  Subject to our Authority being able to secure financing, demolition, and construction commencement should begin in the 4th quarter of this year.  It is anticipated construction will be completed and tenants will begin occupying their homes in the 3rd or 4th quarters of 2018. 

 

• Contact Information: 

 

• Phone:  713-260-0705

• Email:  DevMgmt@housingforhouston.com

• Address:  2640 Fountain View Drive, Suite 400, Houston, TX 77057,

              Attn: Real Estate Investments & Development