PYRAMID RESIDENTIAL COMMUNITY DEVELOPMENT CORP
12401 SOUTH POST OAK, HOUSTON, TX 77085

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Organizations Filed Purposes: TO BUILD AFFORDABLE HOUSING FOR PERSONS OF LOW AND MODERATE INCOME AND ELDERLY PERSONS IN THE HOUSTON METROPOLITAN AREA; BY PROVIDING CREDIT COUNSELING TO POTENTIAL HOMEBUYERS; BY EDUCATING FUTURE HOMEOWNERS AS TO THE BENEFITS AND RESPONSIBILITIES OF SUCCESSFUL HOME OWNERSHIP; AND BY PROVIDING FINANCIAL ASSISTANCE TO BE USED IN FUTHERANCE OF THE EXEMPT PURPOSES OF THE PCDC.

PRCC CONCENTRATED ON DEVELOPING THE CORINTHIAN POINT RESIDENTIAL COMMUNITY WHICH WILL HAVE A TOTAL OF 462 SINGLE -FAMILY HOMES. IN OUR COMMITMENT OF AFFORDABILITY, 80% OF THE HOMES WILL BE PRICED UNDER THE MAXIMUM SALES PRICE FOR THE CITY OF HOUSTON HOMEBUYER ASSISTANCE PROGRAMS, WHICH WAS 103,000 AS OF DECEMBER 31, 2000. ALSO AT LEAST 1/3 OF THE FAMILIES WILL EARN 80% OF THE HOUSTON AREA MEDIAN INCOME OR LESS. CORINTHIAN POINTE IS LOCATED IN A TAX INCREMENT REINVESTMENT ZONE (TIRZ). PRCC DIVIDED THE RESIDENTIAL DEVELOPMENT INTO THREE PHASES. PRCC COMPLETED THE INFRASTRUCTURE DEVELOPMENT FOR THE FIRST 129 HOMES (PHASE I SECTION II) IN FEBRUARY 2000. PRCC COMPLETED THE INFRASTRUCTURE DEVELOPMENT FOR PHASE II SECTION III, WHICH ARE THE NEXT 194 HOMES IN JULY 2001. PRCC SOLD 9 ADDITIONAL LOTS IN PHASE I SECTION II, FOR A TOTAL OF 128 LOTS. PRCC ALSO SOLD 187 LOTS IN PHASE II SECTION II TO THREE SELECTED HOMEBUILDERS TO CONSTRUCT THE HOMES IN CORINTHIAN POINTE. A TOTAL OF 462 LOTS HAVE BEEN SOLD FOR HOMES IN CORINTHIAN POINTE AS OF DECEMBER 2007. PRCC FACILITATED A MENTORSHIP PROGRAM BETWEEN THE MAJOR HOMEBUILDER IN CORINTHIAN POINTE AND THE TWO SMALLER BUILDERS. PRCC FACILITATED THE DONATION OF TEN ACRES OF LAND TO HOUSTON INDEPENDENT SCHOOL DISTRICT FOR AN ELEMENTARY SCHOOL. THE SCHOOL OPENED FALL 2005.

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