Amegy Bank Provides $50M Construction Loan For Affordable Housing Projects In Houston

New Hope Housing (NHH) has secured a $50 million construction loan from Amegy Bank for the development of two affordable housing projects in Houston. The projects, known as NHH Gray and NHH Berry, will offer a total of 300 affordable units for low- and moderate-income residents. Located at 706 Berry Street and 2604 Gray Street in Houston, these developments aim to provide much-needed housing options for the community.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $50,000,000
• Lender: Amegy Bank - Ray Miller
• Landlord: New Hope Housing - Joy Horak-Brown

In addition to creating affordable housing, these projects will offer various amenities such as central air conditioning and modern kitchen appliances. Moreover, Bezos Academy locations for preschool education will be incorporated into the developments, providing educational opportunities for the residents. The financing provided by Amegy Bank showcases their commitment to supporting initiatives that address the affordable housing crisis.