The Villages at Cypress
Just outside of Houston, TX, LIIF is working to help transform a seven-acre vacant parcel into 146 units of affordable senior housing. LIIF provided AMCAL Housing, an established for-profit developer, with $1.4 million in acquisition financing to purchase the development site. LIIF’s financing was supported with $1 million in credit enhancement from the Capital Magnet Fund. The new housing development, The Villages at Cypress, will consist of eight buildings with units available to seniors earning between 30% and 60% of area median income. Additionally, the project will include a 6,600-square-foot community center that features a library, theater, business center, an activity room and community services space, encouraging social and physical activity for residents. Adjacent to several commercial and retail districts, the development offers residents easy access to major freeways and public transportation. The Villages at Cypress marks LIIF’s first affordable housing loan in Texas.
Project Details
- Impact
- 146 units of new affordable senior housing
6,600-square-feet of community facility space
Adjacent to commercial services and local transportation options - Financing
- $1.4 million acquisition loan
$1 million credit enhancement from the Capital Magnet Fund - Partners
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- AMCAL Enterprises, Inc
More Information
Our Affordable Housing Program
Community Capital for Affordable Housing
