Hurricane Damaged Apartment Repairs Funded by the State

The Texas Department of Housing and Community Affairs is presenting $25.9 million to developers to help finance the redevelopment of 5 Houston, Tx area apartment complexes destroyed or damaged by Hurricane Ike, according to The Texas Department of Housing and Community Affairs.

The developers must set aside at least 51% of their units for tenants earning no more than 80% of the area median family income, in exchange for the assistance.

That's $51,050 for a family of four in Harris County.

The following projects received the funding:

- Fountains of Westchase (288 units) $2.4 million
- Towers of Clear Lake (108 units) $5 million
- Balboa Apartments (248 units) $5 million
- Colony of Humble (200 units) $6.3 million
- Countryside Village (182 units) $7.3 million

Allocated to the state just over seven months ago by the U.S. Department of Housing and Urban Development in response to hurricanes Dolly and Ike, the money is part of $1.3 billion in federal hurricane disaster recovery funds.

To administer housing programs related to the state's recovery efforts, roughly $620 million of this amount has been made available to The Texas Department of Housing and Community Affairs, with $58.8 million dedicated to replacing or repairing Texas' stock of affordable rental housing destroyed or damaged by these storms.

Source: chron.com