The City of Houston has approved the issuance of Multifamily Housing Revenue Bonds by the Houston Housing Finance Corporation to finance the acquisition, construction, and equipping of EMLI at Mesa Gardens. This project will result in a 300-unit residential rental development, aimed at providing affordable housing to low-income families. 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 important as it contributes to the development of affordable housing in Houston, addressing the housing needs of low-income residents. The project's tax-exempt status and long-term affordability ensure that it will have a lasting positive impact on the community.