Project Overview
The Green Oaks Apartments Development is designed to close the substantial shortage of affordable housing units in Houston. According to the Houston Housing Authority, “Recent Census data indicates that over 400,000 households in Houston qualify for housing assistance at 80% of the Area Median Income (AMI). Additionally, there are 155,582 families currently living in poverty. Over 200,000 families in Houston pay greater than 30% of their income for housing. The existing housing stock only provides affordable opportunities for 76,725 families in Houston. This sheds light on the extent of the need for affordable housing for all families at all income ranges below 80% of AMI. The Houston Housing Authority aims to increase the number of affordable housing units available for qualified residents within its jurisdiction.”
The City of Houston Housing and Community Development Department awarded AMTEX’s Green Oaks Apartment Development the competitive four percent Housing Tax Credits. The Green Oaks Development received unanimous support from the City of Houston Mayor and City Council, led by City Council District B Council Member Jerry Davis. The project also received overwhelming support from Harris County Precinct One Commissioner Rodney Ellis, The Honorable Senfronia Thompson, TX House of Representatives, Dist. 141, area neighborhood homeowner associations, business chambers and the surrounding northeast Houston community.
The Green Oaks Apartment Development is in Northeast Houston on Gears Road, Greens Parkway, and Greensmark Drive. In addition to providing housing for the target population, AMTEX is committed to providing economic development opportunities for minority and women-owned businesses, HUD Section 3 Businesses, and training and employment opportunities for Section 3 residents.
QUICK FACTS
Developer: AMTEX Multi-Housing, LLC
Green Oaks Apartments Development is in the Greenspoint area of Houston. The Green Oaks Apartments Complex is a 177-unit affordable rental housing community containing a mix of one, two- and three-bedroom units for individuals and families. The development will maintain designations for a variety of income levels, targeted to be affordable for families earning between 50% and 60% of the Area Median Income.
Green Oaks Apartments Complex will serve families and their needs by providing high-quality, affordable housing with modern amenities and on-site services. All units will offer contemporary living for residents. Amenities will include balconies/patios overlooking the shared outdoor space and modernized kitchens and bathrooms to provide the most comfortable living environment for families.
On-Site Amenities:
- Clubhouse/Community Center
- Business Center
- Children’s Play Area
- Pool and Grill Facilities
- Supportive Services
- Health & Nutrition Programs
- Computer Training
- Job Training
- Parenting classes
Project Timeline
- Project Construction Timeline: November 2019 – May 2021
Total Project Budget: $34,450,428
- City of Houston Housing and Community Development-HOME Loan: $6,273,113
- Texas Department of Housing and Community Affairs Competitive 4% Tax Credit
- Private Funds: $28,177,315
Trade & Supplier Specialties Needed: Approximately 44
City of Houston M/W/S/BE Participation Goals: $6,273,113
- M/W/S/BE—34% Goal
- Minority-Owned Business 23%
- Women-Owned Business 11%
- Small Businesses: 4% (up to 4% can be used in place of M/W/S/BE Goal)
HUD Section 3 Participation Goals
- Construction-Related Hard Cost: 10% Goal of $21,434,687
- Non-Construction-Related Soft Cost: 3% Goal of $5,724,162
- New Hires: 30% Goal