HOUSTON, Texas, Sept. 29, 2022 – Hunt Capital Partners and Avenue Community Development Corporation (“Avenue CDC”) celebrated the grand opening and ribbon cutting for Avenue on 34th today at 2 p.m. Located at 2136 West 34th Street in Houston, Texas, Avenue on 34th is a new mixed-income development offering 18 one-bedroom, 22 two-bedroom, and 16 three-bedroom affordable homes for families earning up to 30, 50, 60 and 80 percent of the area median income (AMI) in Harris County; there is also market-rate housing, which includes five one-bedroom, five two-bedroom, and four three-bedroom units. Avenue CDC will coordinate supportive services to residents, including a children’s after school program, exercise classes, annual health fairs, arts and crafts classes, and bi-monthly on-site social events.

The ribbon cutting ceremony took place outside Avenue on 34th, where light bites and beverages were offered to all guests in attendance. A short presentation was held, followed by a tour of the property’s community space and open units. Speeches were given by Avenue CDC’s CEO Mary Lawler and Mayor of Houston Sylvester Turner.

“We’d like to congratulate Avenue CDC on successfully constructing and leasing Avenue on 34th. Projects like these are essential in the recovery and revitalization of areas like Houston that were so affected by Hurricane Harvey,” said Hunt Capital Partners Director Omar Chaudhry. “We are pleased to have partnered with an outstanding non-profit like Avenue CDC in this effort and to see Houston families with healthier lower cost housing options in times where rents in some areas have increased by 50% during the pandemic.”

Avenue on 34th fulfills a critical need for affordable housing following the devastating 2017 Hurricane Harvey, which holds the highest record for rain totals in one storm across the continental U.S. with precipitation levels recorded at over 60 inches of rainfall, enough to fill nearly 86,00 Astrodomes. There were over 200,000 households that suffered varying amounts of damage to their home or property. Nearly half of those affected households were of low- and moderate-income.

“When people have access to high-quality, affordable housing, it allows them to focus on taking care of their mental and physical health,” said Aetna, a CVS Health Company South Central Market President Lamonte Thomas. “By addressing social determinants of health at the community level, like we are in Houston, we’re helping people live healthier lives and creating positive change all around them.”

Avenue CDC served as the developer of the project; Block Builders, LLC as general contractor; Northfield Design Associates, Inc. as project architect; and Orion Real Estate Services of Texas, LLC as property manager.

The total development cost for Avenue on 34th was $18.3 million. Hunt Capital Partners provided $3 million in federal low-income housing tax credit equity financing and facilitated the federal tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 37. The fund includes 8 investors, including Aetna, a CVS Health Company. Zions Bancorporation, N.A. dba Amegy Bank provided a $9 million tax-exempt construction bond loan and a $5.76 million permanent loan commitment. Avenue CDC via the City of Houston provided $9.09 million in Community Development Block Grants – Disaster Recovery funds.

Environmental Social and Corporate Governance (“ESG”) Investing

Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.

About Hunt Capital Partners

Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $2.8 billion in tax credit equity in over 47 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 51 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com, or for Hunt, please visit www.huntcompanies.com.