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Spotlight: Richcrest Apartments
Hurricane Harvey besieged Houston in August 2017 with the most destructive storm in the City's history. A mind-boggling 60 inches of rain and Category 4 winds devastated the City over four days causing $125 billion in damages and displacing thousands of Houstonians.
In an effort to help replace valuable apartment homes that were lost during Hurricane Harvey, AMTEX partnered with the City of Houston, APV Redevelopment Corporation, and Harris County Community Services Department to build Richcrest, a 288-unit affordable housing community, with a grant from HUD, which included Hurricane Harvey CDBG Recovery funds.
AMTEX greatly appreciated its partnership with Houston Housing Authority to secure the Land Lease for the much-needed property tax exemption, and with Harris County, which provided the funds necessary to make the project financially feasible through the CDBG-DR Harvey funds.
Richcrest, completed in 2022, now beautifully graces the Greenspoint High Opportunity (Priority) area of North Houston serving residents with well-appointed apartment homes and service-rich programming. The 13-acre site was chosen, in part, because it did not suffer Hurricane Harvey storm damage, nor is it in a flood zone.
The Richcrest development team exceeded its 34% Section 3 goal in hiring Minority/Women Business Enterprise businesses to work on the project as a commitment to help struggling contractors and local business owners also recover post-Harvey.
To help give under served children unique learning opportunities, Richcrest partners with the local YMCA and dedicates special areas of the community for after-school enrichment programs, water safety and swimming classes, supportive services, and a Teen Leadership and Education program.
For its admirable contribution to Houston's recovery efforts and restoring affordable homes, AMTEX's Richcrest Apartments won CoStar’s 2023 Impact Award for Multifamily Development of the Year for Houston.
UNITS & RESIDENT PROFILE
288 Units 1-, 2- & 3-bedroom units. 100% of the units are affordable for individuals and families earning between 30% and 60% AMI.
FUNDING
The total project budget for Richcrest Apartments was $57,665,567. Project funding included a $16,710,000 loan from Harris County Community Development Block Grant Disaster Recovery (CDBG-DR). Hudson Housing Capital funded the $17,915,567 in competitive 4% tax credits from the Texas Department of Housing and Community Affairs. Citibank provided the construction loan ($30 million) and a permanent loan for this project. ($23 million).
AMENITIES
• Furnished Clubhouse/Community Center featuring Kitchen and Dining Room, Mail Room, Fitness Center, and Business Center
• Children's Play Area
• Swimming Pool
• Picnic Area and Grill Facilities
• Fully Enclosed Dog Park
• Community Garden
• Proximity to the Greenspoint area of Houston, bus transportation, Harvest Time Church, Greenspoint Elementary, Houston Police Academy, Greenspoint Mall, George Bush Intercontinental, Manufacturing & Distribution employers, including Amazon HOU2.
SUPPORT SERVICES
• Health and Nutrition Programs
• After School Programs and Tutoring
• Computer Training
• Job Training
• Parenting Classes
• Water Safety and Swimming Classes
• Teen Leadership Program
CREDITS
Developer: AMTEX Multi-Housing, LLC / AMTEX Richcrest Fund, LLP
Syndicator: Hudson Housing Capital
Lender: Harris County CDBG, Hudson Housing Capital, & Citi Bank
Architect: HEDK Architects
SPECIAL DESIGN FEATURES
All units offer contemporary living for residents with balconies/ patios, ample storage space, and modern kitchens and bathrooms included in every unit. All kitchens have garbage disposals, dishwashers, and other amenities. Each unit also includes connections for a washer and dryer and provides a ceiling fan in each bedroom. Also, Richcrest will have security cameras installed including license plate cameras at the entrance to provide safety for residents and property management can monitor all activity on the cameras from anywhere.
The Richcrest development team exceeded its 34% Section 3 goal in hiring Minority/Women Business Enterprise businesses
For More Information please contact: Mark Morgan, AMTEX / AMCAL Phone: (818) 706-0694 ext. 176 mmorgan@amcalhousing.com
