The City of Houston has approved the issuance of Multifamily Housing Revenue Bonds by the Houston Housing Finance Corporation to finance the acquisition and rehabilitation of Alcott Village, formerly known as Summit at Bennington Apartments. The project will involve the rehabilitation and equipping of a 248-unit residential rental development. The project is supported by low-income housing tax credits and will be subject to long-term affordability standards. The bond issuance is a special limited obligation of the issuer, with no faith or credit of the City of Houston pledged towards repayment.
This decision is crucial as it supports affordable housing initiatives, ensuring that low-income families have access to quality housing. The project's affordability and tax-exempt status make it a significant step towards addressing the housing needs in Houston.