OUR DEVELOPEMENTS

2024

Rasmus-Temenos, located in Midtown at 1703 Gray St., is a $34.8 million project that replaces Temenos II, another affordable housing community set for demolition by the Texas Department of Transportation to accommodate highway improvements on I-45, according to the release. The property has a dedicated floor for at-risk youth, and it will replace the 80 units lost with the demolition of Temenos II, according to the release. The project has received financial support from various public and private sources:

$12.5 million from the City of Houston Housing and Community Development
$11 million in Community Development Block Grant funding for Disaster Recovery from Harris County
$10.3 million in tax credit equity from WNC
$10 million in construction financing from Key Bank
$735,000 self-funded loan from Temenos CDC

Additionally, the development benefited from tax-exempt bonds from the Houston Housing Finance Corp. and 4 percent tax credits allocated by the Texas Department of Housing and Community Affairs. The Houston Housing Authority also will also provide rental subsidies in the form of some $600,000 in annual services funding allocated by the U.S. Department of Housing and Urban Development, with the support of Coalition for the Homeless. Support for the project also came in the form of $14 million as City of Houston HOME Reinvestment and $1.5 million as Bond Reinvestment, as well as a $265,621 deferred developer fee.