The Hollows, a Multifamily Housing Community, to Replace Housing Lost During Hurricane Harvey
HOUSTON, TX (Wednesday, February 3, 2021) – The Harris County Housing Authority (HCHA), Harris County – Community Services Department (HCCSD), Harris County Precinct Two Commissioner Adrian Garcia, the Texas General Land Office (GLO), and development partner LDG Development (LDG) celebrate the groundbreaking of The Hollows, a multi-family development to replace housing lost during Hurricane Harvey. The development will be financed with Harris County’s Community Development Block Grant – Disaster Recovery (CDBG-DR) funds in conjunction with construction and private permanent financing from Citi Community Capital and tax credit equity from Hunt Capital Partners.
This $39.35 million community’s groundbreaking will create 192 beautiful new apartment homes for families seeking quality housing in the Channelview area. A virtual groundbreaking ceremony was held on Wednesday, February 3, 2021.
“We are pleased to partner with LDG. Development to provide much-needed quality housing for Harris County families,” said Horace Allison, AIA., Executive Director and CEO of Harris County Housing Authority. “This multi-family housing community will replace housing resources lost during Hurricane Harvey while adding an attractive, viable, and valuable asset to the neighborhood.”
The Hollows will provide a wide array of amenities to the families it serves, including a fully equipped clubhouse, business center, fitness center, laundry facilities, a swimming pool with a sun deck, and a playground.
“The Hollows project is one of sixteen the Harris County Community Services Department is supporting with the use of HUD CDBG Disaster Recovery funds in the effort to replenish housing stock lost from several past disasters,” said CSD Director Dr. Adrienne Holloway. “These developments provide a significant investment in the effort to provide affordable housing for all who live and work in Harris County.”
The Hollows is expected to begin leasing in 2022. Rents will range from $384 to $848 for a one-bedroom/one-bath unit, $532 to $1,065 for a two-bedroom/two-bath, and $615 to $1,230 for a three-bedroom/two-bath unit.
“We are in a housing crisis. Families who were first displaced by natural disasters like Hurricane Harvey are now facing difficulty staying in the places they grew up because of rising costs,” said Harris County Precinct Two Commissioner Adrian Garcia. “As we face the economic impacts of COVID-19, which is placing additional strain on families, I am proud that we are coming together to bring new, quality housing units for Harris County families.”
This development is one of several housing communities being developed by HCHA in partnership with the private and public sectors to serve families recovering from Hurricane Harvey’s aftermath.
“The Texas General Land Office is committed to helping Texas communities recover from the widespread damage caused by Hurricane Harvey,” said Heather Lagrone, Director of Disaster Recovery, Texas General Land Office. “The Hollows is one of many multifamily developments the GLO is funding with long-term disaster recovery assistance to restore affordable rental housing for Texas families. We are very pleased these funds will provide an additional 192 units of quality housing for families in Harris County.”
The total development cost for The Hollows is $39.35 million, comprised of $9.9 million in private equity funding arranged by Hunt Capital Partners, LLC, and $17.07 million debt financing provided by Citibank Community Capital, as well as $11.12 million in financing provided by Harris County Community Services Department using Community Development Block Grant–Disaster Recovery funds from the Texas General Land Office and a $1.2 million deferred developer fee.
“LDG was founded more than 25 years ago based on our belief that everyone deserves a quality place to live. We are committed to ensuring more communities have access to safe, stable and quality housing that can serve as the foundation for improving outcomes that strengthen the entire community,” said Justin Hartz, Development Director, LDG Development.
HCHA is currently developing more than 650 additional housing units scheduled to be brought into the Harris County housing rental market in 2022.
For over 40 years, HCHA, a premier housing provider, has provided quality, livable, and sustainable communities to Harris County residents, including families with school-aged children, seniors, veterans, and persons with disabilities. HCHA has developed ten housing communities and has four more housing developments under construction. HCHA administers more than 4,500 Housing Choice Vouchers providing rental assistance to eligible families. Learn more at www.hchatexas.org.
Following Hurricane Harvey, Commissioner George P. Bush and the Texas General Land Office were appointed by Governor Greg Abbott to lead the historic housing recovery efforts. In addition to short-term housing in partnership with Federal Emergency Management Agency, the GLO also administers CDBG-DR funds from HUD on behalf of the state of Texas. HUD allocated $5.676 billion in funds to rebuild and protect housing across 49 Hurricane Harvey affected Texas counties. More than $14 billion has been allocated for recovery following Hurricanes Rita, Dolly, Ike, the 2011 wildfires, the 2015 and 2016 floods, and Hurricane Harvey.
LDG Development is the nation’s largest developer of affordable housing. The company was founded more than 25 years ago by Chris Dischinger and Mark Lechner based on their shared belief that everyone deserves a quality place to live. Headquartered in Louisville, Kentucky, the company has created more than 16,000 units of high-quality affordable housing for working families and active seniors in seven states. The work of LDG is supported by more than 100 employees who are in the company’s Louisville, Kentucky; Austin, Texas; Nashville, Tennessee and Atlanta, Georgia offices. For more information about LDG Development, please visit www.ldgdevelopment.com.