Richcrest Apartments

Project Overview

The Richcrest Apartments Development is designed to close the substantial shortage of affordable housing units in Harris County. 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 wishes to increase the number of affordable housing units available for qualified residents within its jurisdiction.”

The Harris County Community Services Department awarded AMTEX’s Richcrest Apartments Development CDBG-DR funds. The Richcrest Apartments Development received unanimous support from the Harris County Commissioners’ Court, led by Precinct 1 Commissioner Rodney Ellis.

The Richcrest Apartments Development is in north Harris County at 540 Richcrest Drive, Houston, TX 77060. 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

Richcrest Apartments Development is located in north Harris County at 540 Richcrest Drive, Houston, TX 77060. The Richcrest Apartments Development is a 288-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 30% and 60% of the Area Median Income.

Richcrest Apartments Development 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: June 2020 – December 2021

Total Project Budget: $59,850,000

  • Harris County CDBG-DR Loan: $16,710,000
  • Texas Department of Housing and Community Affairs Competitive 4% Tax Credit: $22,290,000
  • Private Funds: $20,850,000

Trade & Supplier Specialties Needed: Approximately 44

HUD Section 3 Participation Goals

  • Construction-Related Hard Cost: 10% Goal of $30,225,189
  • Non-Construction-Related Soft Cost: 3% Goal of $1,813,511
  • Minority/Women Business Enterprise participation Goal: 34%
  • New Hires Goal: 30%

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