Houston: Why Avenue Terrace's three-month waiting list?Houston: Why Avenue Terrace's three-month waiting list?https://www.recenter.tamu.edu/news/newstalk-texas/?Item=108452015-10-20T05:00:00Z2015-10-20T20:00:00Z

​​​​HOUSTON - Avenue Terrace is a 144-unit affordable apartment complex built by Houston-based nonprofit developer Avenue​ CDC that currently has a waiting list of three to six months.

Avenue Terrace is not a new luxury apartment with a resort-style pool in Midtown, it is actually a mixed-income apartment community that breaks the mold of "affordable housing."

The nonprofit Houston developer opened Avenue Terrace in 2011 to attract residents who increasingly cannot afford the city's skyrocketing apartment rents, but want to live close to the urban core in a modern apartment.

The vast majority of Avenue Terrace units — 85 percent — are subsidized apartments set aside for low-income renters.

While a two-bedroom, two-bathroom unit at Avenue Terrace typically rents for $1,122 per month, depending on one's income, low-income renters can pay anywhere from $872 a month to as low as $343 per month in rent.

"We're trying to create a stable rental option for people looking for a clean, safe and attractive apartment," said Kara Niles, Avenue CDC's director of fund development and communication.​

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/morning_call/2015/10/why-this-houston-apartment-complex-has-a-six.htmlRead more at the {Source}

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