National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

New Hope Housing at Rittenhouse

New Hope Housing at Rittenhouse

Green Housing

New Hope Housing at Rittenhouse adds 160 efficiency apartments in Houston. Many of its residents have transitioned from other supportive housing programs and benefit from services offered on-site including transportation, counseling services, home-buyer education, financial planning assistance, health screenings and nutrition courses.

Each of the fully-furnished apartments includes a refrigerator and microwave, internet access and free cable TV. Most are available to individuals earning at or below 50 and 60 percent of Area Median Income, with eight units reserved for those earning at or below 30 percent AMI.

The development features a furnished community room with kitchen and dining area, business center, library, theater room, laundry facilities and and outdoor common areas, which include a beautiful courtyard with a grove of mature oak trees, picnic table and chairs and a covered sun porch.

Rittenhouse is sponsor New Hope Housing’s third LEED-certified property with high-efficiency mechanical systems, toilets and fixtures, Energy Star windows and doors and native trees and plants that help minimize watering.

Founded in 1993 with a mission to create life-stabilizing affordable apartment homes for adults living on extremely limited incomes, the non-profit is now widely recognized as the model for SRO housing in Houston and throughout Texas. National Equity Fund® invested $9.5 million of equity in Rittenhouse.


Project Details

Completed
2014
Location
577 W Rittenhouse Road
Houston, TX
Project Type
Very Low Income Individuals
Total Units
160
Mix of Residences
160 studio efficiencies
Limited Partnership
Rittenhouse SRO, Ltd.
Tax Credit Equity
$9.5 million
Total Project Costs
$14.6 million
Sponsor
New Hope Housing, Inc.
Permanent Lender
New Hope Housing, Inc.
Award
Winner, 2015 Urban Land Institute of Houston Development of Distinction Award

Winner, Houston Business Journal 2015 Landmark Award, Community Impact
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