HOUSTON — The NHP Foundation has received $1.5 million in capital grant subsidy funding from The Corp. for Supportive Housing to offset costs incurred for the construction of 11 units of affordable housing at The Citadel at Elgin in Houston. The community opened in the summer of 2023 and is The NHP Foundation’s fifth affordable community in the city. Income restrictions for The Citadel at Elgin were not disclosed.
Financing for the project’s development included $15 million of Citibank construction and permanent debt financing with tax exempt bonds issued by Texas Department of Housing and Community Affairs, $11.8 million of LIHTC equity from Hudson Housing Capital and $10.3 million in federal Disaster Relief funds administered by the City of Houston’s Department of Housing and Community Development. Additional funding for the project was secured through four percent Low-Income Housing Tax Credits and tax-exempt bonds.