Located at 1475 Gears Road, the $34 million AMTEX Green Oaks Apartments Development is designed to close the substantial shortage of affordable housing units in Houston. According to the Houston Housing Authority’s analysis of census data for Houston:
- 400,000+ households qualify for housing assistance at 80 percent of the area median income (AMI).
- 200,000+ families pay greater than 30% of their income for housing.
- 155,582 families live in poverty.
- Existing housing stock provides affordable opportunities for 76,725 families.
The City of Houston unanimously voted to provide a loan of $6,273,113 in federal funds to assist with site acquisition and new construction of Green Oaks. AMTEX also received a tax credit from the Texas Department of Housing and Community Affairs and obtained additional financing from Citibank. The project received unanimous support from Mayor Sylvester Turner and the city council led at the time by District B Council Member Jerry Davis. Other supporters included Harris County Commission Precinct 1, District 141 State Representative Senfronia Thompson, area neighborhood homeowners’ associations, business chambers, and the surrounding northeast Houston community.
“In addition to providing beautiful, new affordable apartment homes for Houstonians, I’m happy to report that AMTEX exceeded the supplier goals set by the City, State and Federal government, which resulted in unprecedented economic development opportunities for minority, women/small business enterprises, and HUD Section 3 businesses,” said AMTEX President Arjun Nagarkatti. “The economic impact of these apartments has already had a tremendous ripple effect throughout the community, and AMTEX looks forward to Green Oaks serving thousands of deserving residents for many years to come.”
Houston Mayor Sylvester Turner commended AMTEX for being a reliable partner in the ongoing efforts to rebuild areas of the city impacted by Hurricane Harvey in 2017. He applauded AMTEX for overcoming pandemic-related challenges, including shortages of manpower and building materials, to complete the Green Oaks project on time and under budget. The mayor also recognized the project’s local economic impact and AMTEX’s success in exceeding the city’s MWBE and HUD’s Section 3 participation goals – in some cases by almost double.
Mayor Turner said he is pleased that AMTEX did not stop there, noting how the company provided added value to residents by building in on-site support programs and services focusing on health & nutrition, computer literacy, job training, and parenting skills for Green Oaks residents. “This is how you create an asset to the community,” said Mayor Turner.
Houston Housing Authority Board Chairman LaRence Snowden described the deep need for affordable rental housing and emphasized the importance of public and private financing, stating, “We cannot afford to leave behind the many families and individuals who spend more than 30 percent of their income on housing. They will never get ahead and make a better life for themselves without affordable options.”
Joining the Green Oaks celebration remotely via video, Congresswoman Sheila Jackson-Lee, who represents the 18th congressional district of Texas, congratulated AMTEX, stating, “This development is an example of AMTEX’s commitment to providing affordable apartment housing every bit as nice as market-rate apartments. Being able to live in nice, new units with every amenity is an important psychological boost that can make a tremendous difference to the lives of those who are struggling.”
Texas District 141 State Representative Senfronia Thompson’s appreciation focused on AMTEX’s responsiveness in providing reliable Wifi and other important resources that make Green Oaks more than just a place to live but a community where families thrive. She stated, “We must give our citizens every chance to succeed, and that begins with safe, affordable shelter. Green Oaks is a fine example of what all new affordable housing developments can be.”
Texas District 6 State Senator Carol Alvarado, who grew up in Houston’s East End, expressed pride in how Green Oaks contributes to Houston’s growth and prosperity and applauded AMTEX for demonstrating patience and savvy through the financing process for Green Oaks. She commented, “AMTEX has proven that affordable housing does not mean lesser housing, cheaper housing, or less desirable housing. We need more developers like AMTEX and more developments like Green Oaks.”
RESOURCE LINKS
Website
https://amtex-greenoaks.com
Event program
http://amtex-greenoaks.com/wp-content/uploads/2021/10/AMTEX-RC-Program_10-27-21_Final.pdf
SOURCE AMTEX
