The City of Houston approved a $3,000,000 loan of HOME Investment Partnerships Program funds to HTG Rushmore, LLC for the construction and acquisition costs of The Rushmore, a 101-unit mixed-income apartment development. Located on Highway 6 South, the project will consist of 32 one-bedroom, 50 two-bedroom, and 19 three-bedroom units. 41 units will be restricted to residents earning at or below 60% AMI, 35 units at or below 50% AMI, and nine units at or below 30% AMI, with the remaining 16 units offered at market rates. The development will include 179 surface parking spaces and adhere to National Green Building Standards. The loan has a 20-year affordability period with a 1% annual interest rate payable from available cash flow.
The Rushmore project supports Houston's goals of increasing affordable housing options in a high-opportunity area. It addresses critical housing needs by providing a sustainable, mixed-income community for low- and moderate-income families.