Small Rental Program
The Harvey Recovery Small Rental Program will rebuild Houston’s supply of affordable rental homes by funding new construction and reconstruction of small rental properties (2-7 units). The program meets rising demand for this type of housing and replaces some of the affordable homes lost during Hurricane Harvey.
The first awards for the Harvey Recovery Small Rental Program were announced September 30, 2020. 22 proposals were reviewed, and 5 developments were selected for funding, representing $9,676,559.00 in spending for the construction of 31 units.
Who should apply?
This program will mainly work with non-profit developers who serve low- to moderate-income households. Many small- and medium-sized organizations were strained for resources meeting the demands of residents after the storm. The Harvey Small Rental Program addresses this resource strain directly, so that developers can focus on building homes and gaining the experience needed to meet the demands of future disasters.
Does my project qualify?
Qualifying projects are buildings that contain 2-7 rental units under common ownership. We will consider projects located:
Applicants may only have project under construction at any given time.
How Does it work?
Funding will be provided through a Notice of Funding Availability (NOFA) and application process, which will be made available on our Current Funding Opportunities page. Awards will be given through a non-amortized loan. This loan will only be made payable if a recipient violates the terms of their compliance period.
In order to qualify for funding, a developer and property agrees to reserve at least half of the units to low- and moderate-income households for at least 20 years.