Amid Houston’s affordable housing shortage, New Hope Housing (NHH) with almost $50MM in financing from Amegy Bank will add to Houston’s Third Ward and Northline neighborhoods over 300 affordable rental apartment homes with two new construction projects – NHH Gray and NHH Berry – both targeted to low- and moderate-income residents.

Breaking ground in October 2023, NHH Berry will feature 180 one-, two- and three-bedroom apartment homes while NHH Gray will feature 135 one-bedroom and two-bedroom apartment homes. Both complexes will host on-site Bezos Academy locations, providing free of charge Montessori-inspired preschool to residents’ children. Each unit will include amenities such as central air conditioning, a washer and dryer, modern kitchen appliances, energy star rated lighting and windows, and gathering spaces such as a community kitchen, fully furnished lounge, library, meeting and social service offices and more.

“Sixty percent of Houstonians are renters and more than half are cost-burdened, spending more than 30% of their income on housing. As rent prices have soared post pandemic, closing the affordability gap for low- and moderate-income Houstonians has never been more important,” said Joy Horak-Brown, New Hope Housing’s President and CEO. “New Hope Housing Gray and Berry will provide the foundation that families, individuals and seniors need to thrive.”

Amegy Bank’s specialized bankers, from the commercial real estate to nonprofit banking teams, collaborated across business lines to develop unique community development financing solutions to meet the specific needs of NHH for these two construction projects.

“The development of the New Hope Housing Gray and Berry affordable housing initiatives are key investments in the wellbeing of Houston’s community and economy,” said Ray Miller, Amegy Bank’s Real Estate Lending Team Lead. “We are honored to play a role in such significant projects that will create affordable and stable housing for Houstonians, thanks to the inspiring vision of New Hope Housing and our collaborative financing model.”

NHH Gray and Berry are scheduled to be completed in July 2025.