FOR IMMEDIATE RELEASE
Houston, TX – ITEX, a leading multifamily construction, development and management company, is excited to announce its selection for over $52 million in funding through the Department of Housing and Urban Development’s Green and Resilient Retrofit Program (GRRP). This substantial support marks a significant boost for ICON, ITEX’s construction division, as it steps up its efforts in eco-friendly building practices and the integration of solar energy technologies.
With a track record of developing and constructing over 8,000 units across more than 60 communities, ITEX is known for its significant role in developing both luxury and mixed-income homes. Currently managing over 7,500 units, ITEX has garnered acclaim for its robust social services programs and its consistent recognition as a multi-year award winner for “Best Places to Work in Multifamily.” This acclaim underscores the company’s dedication to fostering vibrant communities and supporting its residents and employees.
The GRRP funding will directly benefit the following projects in Port Arthur, Texas:
Crystal Creek: $16,160,000
Cedar Ridge: $16,000,000
The awarded projects by ITEX are set to be a benchmark in sustainable housing, integrating key green innovations that not only lessen the environmental impact but also offer the practical benefit of reduced utility costs for residents. This strategy illustrates ITEX’s commitment to constructing communities that are environmentally friendly and resilient, focusing on long-term sustainability and efficiency.
Chris Akbari, CEO of ITEX, remarks on the award, “This GRRP funding from HUD is not just a recognition of our work but a pivotal moment for ITEX and ICON to advance our sustainable community development initiative. This support enables us to push the envelope in providing high-quality, eco-friendly housing that not only benefits our neighborhoods but also offers direct, tangible benefits to our residents.”
The award signifies HUD’s recognition of ITEX’s efforts in sustainable housing development and aligns with the broader goals of the GRRP to enhance energy efficiency and climate resilience in housing projects. To view the complete list of award recipients please visit here, HUD Announcement.
Founded in 1981, ITEX has developed over 8,000 units in over 60 communities, representing more than $800 million in completed developments. The team currently manages over 7,400 luxury and affordable housing units. The development of new communities — from ground-up planning to comprehensive neighborhood revitalizations — is a core component of what ITEX does. ITEX is also recognized as one of America’s “Top Places to Work in Multifamily” and is a fast-growing multifamily developer with a passion for building quality housing and great resident experiences.
GRRP is the first HUD program to simultaneously invest in energy efficiency, renewable energy generation, climate resilience, and low embodied carbon materials in HUD-assisted multifamily housing. Investments under the program will be made in affordable housing communities serving low-income families under Bidenomics—President Biden’s agenda for building the American economy from the middle out and the bottom up.
For more information about ITEX please reach out to:
Vice President of Marketing