RoseMary’s Place Apartments
Permanent Supportive Housing Coming Soon to Houston, TX
The NHP Foundation closed on the construction financing for RoseMary’s Place Apartments in the Fall of 2022. When completed, this four-story elevator building in the Midtown neighborhood of Houston, Texas will consist of 149 studio apartments for formerly chronically homeless individuals. The building will be complete with wraparound social services for all residents provided via NHPF’s partner in the transaction, Magnificat Houses, Inc. RoseMary’s Place is funded via 9% LIHTC equity and generous support from the City of Houston and Harris County via Hurricane Harvey disaster relief funding. The construction of RoseMary’s Place will help to alleviate the growing homelessness issue in the City of Houston while providing residents with the support that they need.
Total Development Cost
| $46,279,797 |
Financing
| $13,554,324 | 9% LIHTC Equity |
| $18,413,934 | City of Houston Disaster Relief Funds |
| $10,248,170 | Harris County Disaster Relief Funds |
| $1,700,000 | Social Services Reserve |
| $1,653,369 | Pre-Paid Commercial Rent |
| $710,000 | Sponsor Loan |