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Committee reviews $4 million HOME loan for 103‑unit senior affordable housing in Acres Home
Summary
Housing staff presented a proposed $4,000,000 HOME loan to I Community Foundation/ITEX Group for Retreat at Esther, a 103‑unit senior affordable housing project in Acres Home with a 20‑year affordability period and mixed AMI unit set-asides.
The Housing and Community Development Department presented a proposed HOME loan agreement with I Community Foundation, a subsidiary of ITEX Group, to provide $4,000,000 for the Retreat at Esther, a new-construction senior affordable housing project in the Acres Home neighborhood (corner of Wheatley Street and Esther Drive, ZIP 77088) in Council District B.
The department said the project will create a four-story building with 103 units for seniors and a mixed-income unit mix including 11 units at 30% AMI, 29 units at 50% AMI and 63 units at 60% AMI. Staff listed the total project cost as $27,000,000 and said the city’s $4,000,000 HOME loan will apply a 20‑year affordability period. After construction completion, a 1% annual interest rate will apply to the outstanding principal balance.
Deputy Assistant Director Ryan Bibbs presented the proposal and described the financing chart and unit mix. The developer was identified as ITEX Group (Houston/Port Arthur) and staff said representatives from the developer were expected to attend. Bibbs said the loan would contribute to new affordable senior housing and support local revitalization in Acres Home.
No formal vote or final action was recorded in the transcript; staff presented the loan request for committee review and noted the developer has prior experience with the city on senior projects.
Ending: Committee members asked for clarification about unit restrictions and confirmation of the developer name; staff confirmed affordability restrictions apply to the total unit count rather than by bedroom type and agreed to include the developer name on future slides and materials.
