South Acres/Crestmont Park, Almeda Genoa & Furman Road
New homes are coming to South Acres/Highway 288! (Almeda Genoa & Furman Road)
The City of Houston has partnered with Five Woods Realty to develop Fairwoods at Furman, located at 13520 Furman Road in the South Acres/Highway 288 neighborhood. Five Woods Realty will build 75 three and four-bedroom single-family homes, including 60 affordable and 15 market-rate homes. The homes will be sold to homebuyers earning up to 120% of the Median Income Area (AMI). The Fairwoods at Furman community emphasizes sustainable living with energy efficient systems and appliances. The homes are built to energy star standards and include energy efficiency features including solar ready roofs, EV charging conduits in the garage, and upgraded insulation.
The first set of homes will be completed by September 2025.
Through the Affordable Home Development Program (AHDP), the City of Houston will contribute a forgivable loan of $2,000,000.00 from the Uptown TIRZ Series 2021 Affordable Homes Funds to finance the infrastructure for the development.
Complete your application today!
About South Acres/Crestmont Park
South Acres/Crestmont Park is a suburban area of south central Houston across Sims Bayou from Sunnyside. Most of the housing in the community is post-war single family in typical suburban street patterns, although there are some large apartment complexes on the eastern edge. Many homes adjacent to Sims Bayou have been flooded several times. The community is bordered by undeveloped land to the south, east and west, and was relatively inaccessible until the opening of the South Freeway in the early 1980s and the recent opening of the South Belt. Please visit the Super Neighborhood 76 – South Acres/Crestmont Park page to learn more.
About The Developer
Five Woods is a community development firm focused on building workforce multifamily and urban in-fill single family communities throughout the Greater Houston area that are affordable for working and middle-class families. Five Woods leads with conscientious community development to affect the creation of sustainable, resilient, and inclusive communities.
Five Woods is focused on addressing the critical housing needs of the communities we serve. We work with investors, clients, lenders, and public sector partners in acquiring well-situated land to develop and build quality residential housing communities. Five Woods' focuses on delivering quality housing that is affordable and fits in well with the existing architectural and environmental elements of a neighborhood.
Five Woods is a certified Minority Business Enterprise (MBE), recognized as a state of Texas Historically Underutilized Business and is a federal HUBZone business.
Five Woods is a certified Minority Business Enterprise (MBE), recognized as a state of Texas Historically Underutilized Business, and is a federal HUBZone business.
About the Affordable Home Development Program
Key Facts
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The program aims to create new homeownership opportunities for residents.
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Developments located across Houston.
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Developments are mixed-income. At least 40 homes in each AHDP development will be attainable to households earning up to 120% of the Area Median Income (Español) or less. For a family of four, for example, this would mean earning $106,300 or less as of 2022.
FAQs - Frequently Asked Questions
Note: The following FAQ pertains to the City’s administration of the Affordable Home Development Program. The City’s developer partners may have additional program guidelines.
Q: How do I buy a home? - Answer
A: Homebuyers will purchase market and attainable rate homes directly through the developers. The City will partner with the developer to co-market and perform income eligibility reviews for the attainable rate homes.
Q: What role does the City have in the homebuyer process? - Answer
The City will partner with the developer to comarket the community. This includes cohosting community meetings, and webinars.
Additionally, the City will perform income eligibility reviews for homebuyers purchasing an attainable rate home.
Q: Can I use down payment assistance programs to help buy a home? - Answer
A: Homebuyers purchasing affordable or market rate homes may use down payment assistance programs available to them through their private mortgage lender or other entities.
Q: What do you mean by “attainable rate” homes? - Answer
A: Generally, rent or mortgage payments should not exceed 30% of household gross income. The City’s financial investment through the Affordable Home Development Program will decrease the purchase price from the current market rate to the homebuyer’s secured fixed rate mortgage to make homes more attainable.
Q: How will I know when homes are available to purchase? - Answer
A: The developer will market when the homes are available to purchase. HCD will also inform the community through the HCD Homebuyers Hub page, and HCD social media.
Q: How will the homebuyer process work? - Answer
A: The first step for every homebuyer will be to secure a 30-year fixed rate mortgage from a lender. For homebuyers purchasing a market-rate home, they will then continue the traditional homebuyer process.
Homebuyers purchasing an attainable-rate home will also need to attend a HUD-certified eight (8) hour homebuyer education course and earn up to 120% of the Area Median Income as determined by HUD when purchasing the home. The City’s financial investment through the Affordable Home Development Program will decrease the purchase price from the current market rate to the homebuyer’s secured fixed rate mortgage to meet the attainable home price.
Q: Is there an affordability period or secondary lien on the homes?- Answer
A: The City will not impose a secondary lien on market-rate homes.
The City will impose a five-year secondary lien on attainable rate homes. The secondary lien will be forgiven at the end of the five-year period. Please note that individual developers may impose a longer secondary lien on attainable rate homes.
Q: Will there be any difference between market-rate homes and attainable homes? - Answer
A: No, all homes will have the same construction quality, finishes, and appliances.
Additional Resources
QUESTIONS ABOUT THE PROGRAM?
- Email: newhomebuyer@houstontx.gov
- Phone: 832.394.6200
