The Houston City Council approved a $3,000,000 loan of HOME funds to support the construction and acquisition costs of The Rushmore, a 101-unit mixed-income apartment complex. Located on Highway 6 South, the development will include 32 one-bedroom, 50 two-bedroom, and 19 three-bedroom units. The project will reserve 41 units for residents earning at or below 60% AMI, 35 units for those at or below 50% AMI, and nine units for those at or below 30% AMI, with 16 units at market rate. The loan has a 20-year affordability period and will accrue interest at 1% post-construction, with payments derived from available cash flow.
The Rushmore project supports Houston's objectives of expanding affordable housing options in a high-opportunity area. By reserving units for low- to moderate-income families, the development addresses pressing housing needs while promoting a sustainable, mixed-income community.