Bridges America, a Houston nonprofit group, won approval for a $1-million loan from the city to buy and rehabilitate a large apartment complex on Sher Lane.
City Council members this week unanimously approved the plan for the group to renovate the 66-unit complex and maintain affordable rents.
Much of the work will involve interior renovation, and most tenants can stay while the work is done. Others may be moved to vacant apartments during the renovation, Economic Development Director David C. Biggs said.
Bridges America formed to distribute food to developing countries, then moved into the affordable-housing market.
Renters' incomes must be roughly half the county's median income of about $63,000.
Under the agreement, rents for one-bedroom units will range from $658 to $695 per month, and two-bedroom units will range from $740 to $825.
After three years, the group will begin repaying the loan.
Biggs said escrow is expected to close in late November.