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Housing Credit Serving Veterans -- Travis Street Plaza -- Houston

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Published on Jul 22, 2014

ABOUT TRAVIS STREET PLAZA
Travis Street Plaza is a newly constructed 192-unit affordable, service-enriched permanent housing community targeted to very low-income, homeless, and disabled veterans in Houston.

After opening its doors in December 2012, Travis Street Plaza reached full occupancy in July 2013. The veterans community is a vision of Cantwell-Anderson, Inc. developed by its mission-driven subsidiary, Cloudbreak Houston, to enhance Cloudbreak Houston's adjacent 286-unit transitional housing community, Midtown Terrace, by providing a permanent housing option for residents.

Many of the services and amenities are linked between the two communities to provide efficient and cost-effective services, including benefits counseling, mental health counseling, medical care, job training, and rehabilitation provided by the VA, United States Veterans Initiative, Goodwill Industries of Greater Houston, Houston Volunteer Lawyers Program and other local service providers.

Cantwell-Anderson Inc./Cloudbreak Houston partnered with National Equity Fund, which invested $11.1 million of Low Income Housing Tax Credit equity in the development. Low Income Housing Tax Credit allocation was provided by the Texas Department of Housing and Community Affairs, and additional funding was provided by the City of Houston, New Man LLC, and a $500,000 Affordable Housing Program (AHP) grant from Amegy Bank and FHLB Dallas.

JOBS CREATED*:
Year 1: 234
Ongoing: 58

COMMUNITY IMPACT*:
Year 1: $15.2 million
Ongoing: $4.6 million

*Based on a model created by the National Home Builders Association to estimate economic benefits


ABOUT THE HOUSING CREDIT IN TEXAS
Since President Reagan signed the Housing Credit into law, Texas has allocated more than $894 million in new construction and substantial rehabilitation credits, creating or preserving over 250,000 affordable rental apartments, generating more than 290,000 jobs—mostly in the small-business sector—and returning over $22 billion in local income and $2.2 billion in state and local tax revenue to Texas communities.

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