Initiatives have been passed by Houston Mayor Sylvester Turner and City Council in support of creating more affordable housing projects, in alignment with the affordability objectives that will span over 40 years by the Texas Department of Housing and Community Affairs.
This flexible roadmap to homeownership is tailored specifically for households earning 120% or below the Area Median Income (AMI). AMI is generated by the U.S. Department of Housing and Urban Development (HUD) to determine the eligibility of applicants for certain federal housing programs. Median income is the midpoint of local incomes.
Based on the city’s injunction, Mayberry Homes, led by CEO Sharone Mayberry, will oversee the site development prior to the vertical construction for 40 detached, single family three-bedroom homes called the Southern Palm Development. The homes will be sold to homebuyers earning up to 120% AMI.
The average American typically moves five times in their lifetime. This means the act of selling your house and moving to the next location is a big deal. You need to get a fair price for the home and feel confident navigating the listing, offer, negotiation, and closing processes. You need a home builder you can trust.
Houston is a city with a reputation for its affordable housing. In fact, Houston ranks as the third most affordable city among major metro areas in the U.S.
According to a Council for Community and Economic Research (C2ER) Cost of Living Index for Q3 of 2021:
• Cost of living in Houston is 4.4% lower than the nationwide average.
• Living in Houston costs less than 25.6% of the average of the most populous
Mayberry gave d-mars.com behind the scenes look at what is needed to create homeownership in the affordable sector. His drive and commitment to his community is pivotal to where he is today. While he didn’t initially envision himself as a home builder, his aspiration during his early 20s was to be the owner of a Mercedes Benz after watching his father pick him up for visits, each time in a different model from the luxury manufacturer.
Mayberry gave d-mars.com behind the scenes look at what is needed to create homeownership in the affordable sector. His drive and commitment to his community is pivotal to where he is today. While he didn’t initially envision himself as a home builder, his aspiration during his early twenties was to be the owner of a Mercedes Benz after watching his father pick him up for visits, each time in a different model from the luxury manufacturer.
While working the night shift in downtown Houston, Mayberry would pass by a Mercedes dealership furthering his motivation to be a car owner, or so he thought. On an early Saturday morning, the businessman finally stopped at the dealership to test drive and purchase a 300 E Mercedes Benz. While driving the vehicle over the weekend, Mayberry was hoping his childhood friends would see him and admire what he thought was the pinnacle of success. With no one around to validate his moment, he gave himself the moment instead.
“To my surprise I saw no one I knew, but what I did see were people remodeling houses. It was like a light switch turned on. I then had to ask myself, ’Why would I buy a car that clearly no one can see me in, rather than buying a house?’”
Jacqueline Flores, Erik Perez
Ultimately Mayberry’s realization turned his passion into purpose that would better serve the community and the citizens with their own level of luxury. He returned the car and used the money to purchase his first home.
Six years later after conducting home renovations, the business mogul moved to new construction under Mayberry Homes, Inc., which gave birth to “Revitalizing the Heart of Houston One Home at a Time.”
The company, according to Mayberry, strives to create comfortable financial mediums for those seeking home ownership. According to YouGov, many millennials and Gen Z members between 18-25 and 26-41 prefer home ownership over renting. However, the biggest roadblock is affordability. Mayberry Homes seeks to combat that through the company’s recent contract with the City of Houston. Mayberry Homes held their groundbreaking ceremony on March 13th commemorating the partnership.
“So, when I reflect on the groundbreaking, it was certainly a milestone with an overwhelming turnout despite the shift in weather,” Mayberry detailed.
He admitted that he didn’t think anybody would attend saying, “to my surprise, not only were all the chairs filled, which were 80 chairs in total, but about 40 people standing outside and around the tent, observing in support of this collaborative effort.”
He added, “So, it made me feel good to see the support of our Mayor, Council Member Carolyn Evans Shabazz, Congresswoman Sheila Jackson Lee, Director Keith Bynum, and a host of other community leaders, extending their trust that we will get the job done.”
The City of Houston is set to forgive the $2 million loan from the Uptown Tax Increment Reinvestment Zone Series 2021 Affordable Homes Fund to finance the infrastructure for the mixed income development. However, what does this mean for potential homeowners?
Mayberry says the forgivable loan from the city will be coupled with the subsidized land purchased received from the Midtown TIRZ.
“When you couple both of those subsidies, it then enables us to go in and develop the land, build and sell homes at 40% to 50% below market rate. This allows prospective homeowners confidence to afford an opportunity to stay in the area that otherwise, they may not have been able to afford,” he said.
Mayberry admits that home building projects in inner-city neighborhoods has its own contingencies that often do not attract mainstream builder investments in established, older neighborhoods. No less, the businessman supports “scattered site developments.”
He said, “We will continue to focus our efforts on scattered site infill development that goes into inner-city neighborhoods that are blighted with dilapidated housing, overgrown weeds, and other outlying issues.”
Mayberry added, “So that will certainly keep us focused on continuing our efforts of providing quality, affordable homes in our surrounding neighborhoods building toward the future.”
Home ownership is still a challenge for those unaware of how to get started, but Mayberry Homes is committed to debunking naivety for prospective buyers, “Buyers at 80% AMI or below will be eligible for a large subsidy from the City of Houston. So that’s going to help offset the high interest rates that are realized today with seemingly no end in sight,” he described.
“While interest rates continue to go up, we are happy that the city has downpayment assistance available for prospective home buyers that otherwise wouldn’t be able to qualify.” (Verification of available funds, and eligibility of buyer income is required prior to approval.)
When asked how he felt regarding affordable homes being placed in lower income areas, less desirable neighborhoods or gentrified locations, Mayberry says,
“Areas that are now viewed as low income and less desirable neighborhoods, are still highly sought after communities. The land carries high equity, and affordability is only achieved by way of subsidies provided by the City of Houston and Midtown TIRZ partnership. We are not in the business of gentrification, but we do seek to revitalize these historic areas returning them to their former glory while making it attractive and affordable for prospective homebuyers within the community,” he detailed.
Mayberry wants people to believe in affordability with flexible options and security. “We provide a quality, affordable home at a truly affordable value, with the help of the City of Houston, Midtown TIRZ, and other community partners,” he detailed. “This gives us longevity and creates opportunities of a bright future within reach.”
Interested in more? Check out MHI at MayberryHomes.net or scan the code to apply today.
