HOUSTON – A big splash of sunshine is coming to Houston’s Sunnyside apartment complex and it’s not just the Texas heat.
In a move that has affordable housing advocates cheering, Fairstead, a national real estate company, has teamed up with R4 Capital and the Houston Housing Finance Corporation (HHFC) to invest $20 million in renovating Sunflower Terrace Apartments, a 160-unit community spread across seven acres just south of downtown Houston.
Here’s the deal: The revamped Sunflower Terrace complex at 5050 Sunflower Street will continue to offer affordable homes under a project-based Section 8 contract, with rents set for families earning 50% or 60% of the Area Median Income (AMI)…