Acquisitions, Preservations, Rehabilitations, and New Construction
ACQUISITION / PRESERVATION / REDEVELOPMENT
Cleme Manor Houston, Texas
A $40.9 million redevelopment is underway at Cleme Manor, made possible in part by financing from Bank of America and public sector funding from the City of Houston. In the neighborhood surrounding Cleme Manor, $35 million in streetscape improvements, multifamily housing construction, and single family rehabilitations have been completed. At the time of its acquisition, Cleme Manor had not undergone a comprehensive rehabilitation in over 20 years, and many of the building elements had reached the end of their useful economic lives. Asbestos had also been detected in the drywall, requiring its removal. A substantial and comprehensive rehabilitation of the property was required. That redevelopment was funded with Low Income Housing Tax Credits, a HUD- insured mortgage, and a HOME loan from the City of Houston (which also provided a CDBG loan to help with the acquisition). Cleme Manor’s recapitalization funded approximately $18 million ($63,380/unit) of the construction-related costs. Construction, which is currently underway, includes demolition down to the studs. The redeveloped property will include ample space for the delivery of resident services, and it will have new landscaping and exterior recreation areas for children and adults. Included in the finished development will be 26 units of supportive housing.
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1 Cleme Manor 2 Cleme Manor 3 Parkchester Apartments 4 Anacostia Gardens
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NHPF Fiscal Year 2016 Annual Report
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