The city expects to make its final payments to developers, primarily as gap funding to cover the rising costs of building materials.
It's all a part of the Harvey Multifamily Program, which is funded by a grant provided through the U.S. Department of Housing and Urban Development (HUD) with oversight from the Texas General Land Office (GLO).
It's designed to create and fix multifamily apartment homes. The city aims to keep these new and refurbished units affordable to low- and moderate-income residents for at least 40 years.
READ MORE: Harris County and Houston left out of $1 billion in flood mitigation aid
Developers can submit applications through the Harvey Multifamily Program until next Friday to request funding for home developments. More information can be found on the city's website.
- Rent at least half of their units to low-income renters for at least 20 years
- Give workers protections as laid out in the Build Houston Better Program
- Align with the City's Multifamily Development Principles
- Manage Davis-Bacon, Section 3, and MWSBE requirements
- Comply with green building standards
Of the program's $450 million total funding, $437 million has been committed, primarily to 37 developments, which together will create or fix nearly 4,200 rental homes.
13 Investigates: GLO to control Harvey recovery after Houston 'hindered' aid