Filling the Need for Affordable Senior Housing in Houston, Texas

Cordova Apartments will be a brand-new 283-unit bond deal for seniors who need affordable housing. The unit mix will consist of 1 and 2BR units at 60% AMI. The site plan consists of 4 four-story interior corridor buildings. The 9.6-acre site will be fully gated, and amenities will include a community room with a kitchen, fitness center, business center with computers and printers, activity/craft space, library, and dog park.

Cordova will be built in a rapidly changing area of southeast Houston that is experiencing reinvestment and new development, with high demand for additional affordable rental housing. As the 4th largest city in the nation, affordable housing will remain a key component of the housing market for the foreseeable future.

Houston Housing Finance Corporation (HHFC) is the bond issuer, general partner, and general contractor on the deal (with KPG being the master subcontractor). Our partnership with them will allow for a full property tax exemption and construction material sales tax exemption. The project is financed by tax exempt bonds with a cash collateralized construction loan from KeyBank, a permanent loan from Cedar Rapids Bank & Trust, and tax credit equity from US Bank.