The City of Houston has approved an ordinance authorizing an Intercreditor Agreement and Subordination Agreement with Heart of Houston Community Development Corporation (CDC). The agreement will allow the City to subordinate its liens to Amegy Bank for bridge loan financing related to the development of approximately 11 energy-efficient, affordable single-family homes in the Third Ward and South Union Communities. The homes will feature three bedrooms, two baths, and front-load garages, with energy-efficient designs certified by Energy STAR and FORTIFIED HOME Hurricane Standards. Some homes will include resilient components like generators and impact windows, funded by a grant from Wells Fargo. The project is part of the CHDO Single-Family Home Development Program.
This decision is vital for the construction of affordable homes in Houston's underserved neighborhoods. It provides low- and moderate-income homebuyers with access to energy-efficient, storm-resistant housing, while supporting the capacity of nonprofit housing providers to meet the city's affordable housing needs.