AUSTIN, TX – October 20, 2008 – (RealEstateRama) — Seeking to expand options for Beaumont residents struggling to secure affordable rental housing in the wake of hurricanes Rita and Ike, the Texas Department of Housing and Community Affairs (TDHCA) and United States Senator John Cornyn have announced finalizing a $13.7 million grant agreement with the Beaumont Housing Authority (BHA) to develop the 154-unit Pointe North affordable rental property, bringing with it stability to the lives of tenants and much-needed benefits to the local economy.
The grant was announced at an October 7 ceremony held by BHA officials as part of the housing authority’s efforts to revitalize the 55-year-old, 195-unit public housing development which was named Magnolia Gardens. The development suffered substantial physical damage as a result of Hurricane Rita, after which mold began to proliferate throughout the units, making total demolition the only option.
BHA is utilizing TDHCA’s grant in conjunction with a $4.7 million HOPE VI Revitalization Grant it received in 2006 from the U.S. Department of Housing and Urban Development (HUD) to complete the transformation. The grant was the only HOPE VI grant awarded that year east of the Mississippi River.
“TDHCA recognizes that the region is experiencing a substantial shortage of quality affordable housing, and we are thrilled to be able to partner with the Beaumont Housing Authority on the Pointe North development,” said Michael Gerber, TDHCA Executive Director. “I am also pleased that Senator Cornyn joined us, especially considering how instrumental he was in securing the funding from HUD. Pointe North represents a new day for affordable housing in Beaumont, bringing with it a higher quality of life for tenants and numerous construction jobs for the local economy.”
This ambitious revitalization effort will take place in phases over the five-year life of the HOPE VI grant. Phase I included the construction of Regent I, a 160-unit, mixed income development on what was formerly the city fairgrounds. Regent I is already open and accepting applications. Pointe North represents Phase II, while the final phase, Regent II, will involve the construction of 83 single-family homes for homeownership.
Work is already well underway, as demolition of the former Magnolia Gardens was completed over the summer, making way for Pointe North. The new development will provide rental housing for families and individuals earning a broader range of incomes, from $21,600 for a one-person household up to $30,840 for a family of four.
About The Texas Department of Housing and Community Affairs
The Texas Department of Housing and Community Affairs is the state agency responsible for affordable housing, community services, energy assistance, and colonia housing programs. The Department annually administers more than $400 million through for-profit, nonprofit, and local government partnerships to deliver local housing and community-based opportunities and assistance to Texans in need.
Contact:
Gordon Anderson 512.475.4743
Jill McFarren 512.475.2844
