NeighborWorks Capital funded a $500,000 enterprise loan with Avenue Community Development Corporation (Avenue) in March 2020. The loan provided them with additional funds to support their unrestricted cash, to fund predevelopment expenses for their multifamily and single-family projects, with the ability to be reused through various projects until maturity. These funds will assist Avenue with developing much needed for-sale and rental affordable homes and apartments in the Houston market. Despite the housing market shrinking after Hurricane Harvey in 2017, Houston area’s housing demand has continued to grow and home sales prices are among the highest in the state.
Many areas are experiencing housing shortages right now, but few are as challenged