Park Yellowstone Apartment Homes

Houston, TX 77021
  • 210 townhomes
  • One, two, and three bedrooms
  • Affordable Program: Low Income Housing Tax Credit
  • Managed by Vesta since 2016
The Redevelopment Story Park Yellowstone is an Affordable Housing Community with 210 total units (38 ground floor, single story and 172 two-story units). This community was 22 years old and in need of revitalization, while maintaining safe, affordable homes in the area.

The Financing
Funding for the project was provided by a TDHCA bond issuance in conjunction with a Fannie Mae first mortgage utilizing the Multifamily Tax-Exempt Bond (MTEB) program; a CDBG-DR (disaster relief) loan from the City of Houston; tax credit equity from the Low-Income Housing Tax Credit Program and a developer loan.  The total cost was $30.2 million.

The Result
The redevelopment included a complete renovation of all 210 apartments and townhomes. Community enhancements included a renovated leasing center, new swimming pool, new gazebo, enhanced lighting, and installation of a state-of-the-art security camera system. The community also has an on-site daycare center, as well as case management services and resident activities on-site provided by Star of Hope Mission.