The Harris County Housing Authority, Harris County Commissioner Rodney Ellis, the Texas General Land Office and development partner Atlantic Pacific Communities recently celebrated the groundbreaking of The Arbor at Wayforest, a multifamily development to replace housing lost during Hurricane Harvey.
A virtual groundbreaking ceremony for the new $35 million community featuring 192 new apartment homes was held on December 17.
“We are pleased to partner with Atlantic Pacific Communities to provide additional housing for Harris County families,” said Harris County Housing Authority CEO Horace Allison in a press release. “This multifamily housing community will replace desperately needed housing resources lost during Hurricane Harvey while adding an attractive, viable, and valuable asset to the neighborhood.”
The new multifamily community will provide a wide array of amenities to the families it serves, including a fully equipped clubhouse, business center, fitness center, swimming pool with sun deck, playground and a dog park.
The housing development is located near major employment centers such as Houston Intercontinental Airport and ExxonMobil.
The Arbor at Wayforest is one of several housing communities being developed by the Harris County Housing Authority in partnership with the private and public sectors to serve families recovering from Hurricane Harvey’s aftermath. The Harris County Housing Authority is currently developing more than 650 additional housing units scheduled to be brought into the Harris County housing rental market by 2022.
“We are in a housing crisis,” added Elllis in the press release. “Families who were first displaced by natural disasters like Hurricane Harvey are now facing difficulty staying in the places they grew up because of rising costs. “As we face the economic impacts of COVID-19, which is placing additional strain on families, I am proud that we are coming together to bring new, quality housing units for Harris County families.”
The Arbor at Wayforest is expected to begin leasing in 2022. Rents will range from $532 to $1,065 for a two-bedroom and two-bathroom and $615 to $1,230 for a three-bedroom and two-bathroom.
The development will be financed with Harris County’s Community Development Block Grant – Disaster Recovery funds in conjunction with construction financing and tax credit equity from Bank of America and private permanent financing from Citi Community Capital.
“Bank of America Community Development Banking was pleased to provide $23 million in construction financing combined with a $13 million tax credit investment to help build much-needed housing for families in Houston,” said Bank of American Houston Market President Hong Ogle in the press release. “The financing also included Hurricane Harvey Disaster Recovery Funds, demonstrating the impact that public-private collaborations like The Arbor at Wayforest can make. Bank of America remains steadfast in its commitment to support the communities where we work and live.”