221-unit development secures comprehensive financing to deliver quality affordable housing in historic Independence Heights neighborhood

DECATUR, GA – February 19, 2026 – Columbia Residential, Housing Alliance HTX, and Creekstone Companies announced last week the successful culmination of financing on a development site at 222 Crosstimbers Street in Houston’s historic Independence Heights neighborhood. Incorporated in 1915, Independence Heights was the first African American city in Texas before being annexed by Houston in 1930. The site will be developed into a new mixed-income housing community.

The deal closing, which occurred on December 23, 2025, represents a significant milestone in bringing much-needed affordable housing to the historic Independence Heights neighborhood. The 221-unit family community will provide 131 Project-Based Voucher (PBV), 81 Low-Income Housing Tax Credit (LIHTC) and 9 market-rate apartment homes.

The development has received significant support from the Independence Heights community and local government partners, underscoring a shared commitment to preserving the neighborhood’s history while expanding access to affordable housing. The investment also honors the longstanding commitment of Housing Alliance HTX and the legacy of community advocate Tanya DeBose, whose leadership helped shape a vision for equitable development in the neighborhood.

“Securing this comprehensive financing package is a testament to the partnership with Housing Alliance HTX and their commitment to the Independence Heights community, as well as the confidence our lending and equity partners have in this community and our collaborative approach,” said Carmen Chubb, President of Columbia Residential. “With financial close behind us, we’re ready to begin construction and bring this vision to life for the families who will call the Independence Heights neighborhood home.”

Comprehensive Financing Structure

The development was financed through a robust capital stack that demonstrates strong institutional confidence in the development. The development will cost $72 million to build and was financed through a combination of public and private partners. Funding included bonds issued by Victory Street Public Facility Corporation, construction and long-term loans from Wells Fargo, housing tax credit investments, FEMA-supported housing funds, and permanent financing backed by Freddie Mac. Together, these partners provided the resources needed to build the community and support it for the long term.

• Cash-collateralized tax-exempt bonds ($35 million) issued by Victory Street Public Facility Corporation
• Tax credit equity ($19.8 million) from Wells Fargo
• Permanent loan ($18 million) with a Freddie Mac forward commitment through Wells Fargo.

The development received a 4% tax credit allocation from the Texas Department of Housing and Community Affairs in April 2025. The development is structured as a joint venture between Housing Alliance HTX, Columbia Residential, and Creekstone Companies, with Housing Alliance HTX owning the land and ground leasing it to the development partnership.

“Housing Alliance HTX is proud to partner with Columbia Residential and Creekstone on this very important development in the historic Independence Heights neighborhood,” said Jamie Bryant, President & CEO. “My second day as the head of this agency was spent at a church in the IH community, meeting with Reverend Mackey and others, hearing their stories, and understanding why this development deserved our unwavering support. It’s an incredible community, with a rich history, that we are honored to be working in and alongside in alliance.”

“It is with heartfelt gratitude and reflection on the remarkable journey we have undertaken together,” said Reverend Ray Mackey, Independence Heights Redevelopment Council (IHRC) Chairman. “This moment is so surreal when looking back on November 12, 2018, when we cast our collective dream and vision alongside the late IHRC Executive Director Tanya Debose and the late Noel Kahlil, Founder & Chairman of Columbia Residential. Our meeting in New Orleans, where we explored existing Columbia Residential properties, was pivotal in imagining the potential for additional affordable living in the Historic Independence Heights Community.”

He continued: “Fast forward eight years, and I realize that my involvement and commitment to this development were indeed for ‘such a time as this.’ The convergence of purpose, providence, and the responsibility to act and lead, standing on the shoulders of over a century of community ‘cornerstones’ for an aging historic community on the brink of gentrification, has driven us to carry forward the dream of more affordable housing. Today, I am overwhelmed with gratitude as this dream has transformed into reality. I would like to extend my sincerest thanks to the IHRC team, our dedicated community, supporters, HHA Board & President & CEO Jamie Bryant, and especially to Columbia Residential President Carmen Chubb and team for your unwavering commitment to bring this project to fruition and completion.”

Community Features and Timeline

This new development in Independence Heights will offer residents one, two, and three-bedroom apartment homes featuring ENERGY STAR® appliances and HVAC systems, as well as in-unit fire suppression systems. Community amenities will include a fitness center, on-site laundry facilities, playground, computer center with Wi-Fi access, and a covered pavilion with picnic and BBQ facilities.

The development is expected to be completed in November 2027, with units ready for occupancy upon completion. Columbia Residential Properties will provide property management services.

About Columbia Residential

Founded in 1991 by the late Noel Khalil, Columbia Residential is an award-winning Atlanta-based developer, owner, and manager of affordable and mixed-income housing. Celebrating its thirty-five-year anniversary in 2026, the company operates in Florida, Georgia, Louisiana, Tennessee, and Texas with an active development pipeline. It manages 10,000 affordable and mixed-income housing units in some 75 communities. Columbia Residential is a place-based developer and makes a lasting commitment to each community it plans, builds, and services by providing a continuum of stewardship that powers long-term investments. The company’s unique development and property management approach features strong local partnerships and an innovative model for resident services, including comprehensive onsite programming and additional resources provided through strategic partnerships with local entities that foster a strong home life and growth mindset for every resident. For more information, please visit: https://www.columbiares.com

About Housing Alliance HTX

The Housing Alliance HTX provides affordable homes and services to more than 100,000 low-income Houstonians, including nearly 20,000 families housed through the Housing Choice Voucher Program and nearly 5,000 families living in 23 public housing and tax credit developments. There are over 31,000 non-federal units, with over 17,000 of those units designated for affordable housing. For more information, visit https://alliancehtx.org

About Creekstone Companies

Since its beginning in 1977 as a commercial construction company, Creekstone Companies has grown to become one of the nation’s most prominent real estate corporations, with a diverse portfolio of multi-family and commercial real estate strategically located throughout North America. Creekstone and its sister component, Creekstone Capital, have built, owned, and/or managed over $750 million in properties with over $500 million of new development in the pipeline. For over 30 years, Creekstone has focused on asset creation, acquisition, and construction of superior properties and geographic diversity. Details in due diligence, budgeting, financing, design, construction, and property management have distinguished Creekstone as one of the top companies in the industry.

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