Avenue, Award-Winning Developer of Affordable Homes in Houston, Breaks Ground on Avenue on 34th Multifamily Community

Avenue, Award-Winning Developer of Affordable Homes in Houston,
Breaks Ground on Avenue on 34th Multifamily Community
Non-Profit Marks Beginning of Vertical Construction for Development in Oak Forest Area

 

HOUSTON – (December 15, 2020) – Avenue, a local 501(c)3 nonprofit dedicated to building affordable homes and strengthening communities, briefly gathered with Mayor Sylvester Turner and other supporters for a socially-distanced groundbreaking to mark the start of vertical construction on much-needed new affordable rental homes for Houston’s working families. The new development, Avenue on 34th, is a mixed-income multifamily community located in the city’s vibrant Oak Forest neighborhood.

Avenue on 34th, located at 2136 West 34th Street, is designed to be a free standing, four-story apartment building offering 70 mixed-income units on 2.1 acres in North Houston. Project delivery is anticipated in mid-2022 and Avenue has partnered with Block Companies, who is serving as general contractor on the project.

“We are delighted to advance construction on Avenue on 34th at a time when affordable housing with proximity to the Inner Loop is such a critical need among working families. The influx of new developments in and around the city’s urban core has resulted in the demolition of existing lower cost housing and, as a result, has priced low and middle-income families out of many communities,” said Mary Lawler, executive director at Avenue. “Data shows that affordable homes help strengthen families and communities as a whole, providing families with a path forward to greater financial stability and improved health outcomes. We look forward to bringing this valuable multifamily community to the neighborhood and to welcoming families home when Avenue on 34th opens in 2022.”

Highlighting the critical need for affordable development in the Oak Forest area, Lawler pointed to the United Way of Great Houston’s recent ALICE report, which found that 47 percent of Greater Houston Area families are struggling to make ends meet. That includes almost 25 percent of the nearly 11,000 households in Oak Forest’s 77018-zip code that qualify as ALICE.

ALICE stands for Asset-Limited, Income-Constrained, Employed. These families represent hardworking members of the Houston community whose household income is above the federal poverty level, but insufficient to cover basic necessities such as housing, child care, food, transportation and healthcare.

Avenue on 34th features 23 one-bedroom apartments, 27 two-bedroom apartments and 20 three-bedroom apartments, with sizes ranging from 706 square feet to 1,201 square feet. While 14 units will be offered at unrestricted market rate, income-restricted units will be designated for families making $35,000 to $65,000 annually. In addition to amenities like an outdoor play space, learning center and activity room, business center, and fitness room, Avenue on 34th will offer a host of resident services including after-school tutoring for children and credit-building and homebuyer education programs for adults. Preserved green space on the property, including mature trees, will also encourage flood resiliency and enhance quality of life for residents.

Development of Avenue on 34th is made possible through a mix of public and private funding including four percent low-income housing tax credits through the Texas Department of Housing and Community Affairs (TDHCA). Additional funders include primary lender Amegy Bank, as well as Houston Housing Finance Corporation, the City of Houston Housing and Community Development Department (HCDD) and Hunt Capital Partners through their multi-investor fund HCP 41 which included Aetna, a CVS Health® company. Additional project partners include Northfield Design Associates, Jones & Carter and Falon Land Studio.

“Amegy Bank lends and invests millions of dollars annually to develop plans that support neighborhood revitalization, economic development and affordable housing,” said Amegy SVP of commercial real estate lending Devin Hancock. “Avenue’s work to build affordable homes and strengthen communities makes a continuous and lasting impact in our city, and we look forward to accomplishing more with our local community partners.”

As part of their work on the Avenue on 34th development, Block Companies will host a Community Day and Job Fair in February 2021, where they will offer information on employment opportunities for a variety of local construction-related positions. The event is free to attend and is open to the public. Additional information will be available at www.blockcompanies.com.

Over the past 29 years, Avenue has helped revitalize Houston neighborhoods by leveraging more than $124 million in investments for developments, including 200 single-family homes, 756 rental units and 180,000 square feet of commercial space. Avenue has been recognized nationally with the prestigious Jack Kemp Excellence in Affordable and Workforce Housing Award from Urban Land Institute.

For more information about Avenue’s community development and revitalization efforts visit, http://avenuecdc.org/.

MEDIA CONTACT:  

Samantha Desmond

Carbonara Group

c: 973-903-8300

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About Avenue

Avenue’s mission is to build affordable homes and strengthen communities. The organization enhances the quality of life of working families and works to promote healthy, vibrant and economically diverse neighborhoods that are essential to Houston’s future as a world-class city. Avenue develops homes for purchase and rent as well as provides homebuyer education and counseling to help working families buy and maintain their own homes. Avenue promotes economic development and offer supportive services such as computer labs, after-school programs, and nutrition, fitness, and financial literacy classes that enrich the lives of the individuals and families they serve. Avenue is a member of the nationwide NeighborWorks® Network of more than 245 community development organizations working in nearly 4,358 urban, suburban and rural communities across America. Connect with Avenue on Facebook: http://bit.ly/FBAvenueCDC and Twitter: https://twitter.com/AvenueCDC.

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