FTK Awarded $14MM+ for Houston LIHTC Project

Rehabilitation of Coolwood Oaks Apartments to include interior and exterior upgrades.

Feb. 4, 2026 at 3:15pm

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FTK Construction Services, a nationwide general contractor specializing in affordable housing and LIHTC preservation projects, has been awarded a contract worth over $14 million to rehabilitate the Coolwood Oaks Apartments in Houston, Texas. The 168-unit property, owned by Fairstead, will undergo extensive interior and exterior renovations over a 15-month timeframe.

Why it matters

This project highlights the ongoing efforts to preserve and improve affordable housing units across the United States, particularly through the use of LIHTC financing. As rents continue to rise, maintaining and upgrading existing affordable housing stock is crucial for providing quality homes for low-income residents.

The details

FTK will complete a range of renovations at Coolwood Oaks Apartments, including new roofs, siding, windows, lighting, accessible routes, as well as interior updates like new paint, cabinets, appliances, plumbing, and flooring. Common areas will also be refreshed, and amenities like a pickleball court and ping pong table will be added.

  • The 15-month renovation project is scheduled to begin in 2026.

The players

FTK Construction Services

A nationwide full-service general contractor specializing in affordable housing and LIHTC preservation projects.

Fairstead

A nationally vertically integrated real estate company that owns more than 27,000 apartment units across the United States and is the owner of Coolwood Oaks Apartments.

DNA Workshop

The architecture firm that is the designer for the Coolwood Oaks Apartments renovation project.

PNC Bank

The bank providing financing for the Coolwood Oaks Apartments renovation project.

Houston Housing Finance Corp.

A local agency providing financing for the Coolwood Oaks Apartments renovation project.

Texas Department of Housing and Community Affairs

A state agency providing financing for the Coolwood Oaks Apartments renovation project.

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What they’re saying

“This is our second LIHTC project with the Fairstead Team, and we're very happy to continue building our partnership with them. They have proven to be excellent professionals to work with, aligning well not only with our goal of supporting more affordable housing across the U.S., but also with our philosophy of putting together The Right Team, at the Right Time, with the Right Technology.”

— Jim Goodman, CEO, FTK Construction Services (BusinessWire)

“We are proud to partner with FTK on the rehabilitation of Coolwood Oaks and look forward to the positive impact this investment will have. This effort highlights Fairstead's commitment to long-term partnerships focused on expanding access to affordable housing.”

— Robert Barnard, Senior Director of Development, Fairstead (BusinessWire)

What’s next

The renovation project is scheduled to begin in 2026 and be completed over a 15-month timeframe.

The takeaway

This project demonstrates the ongoing efforts by developers, contractors, and government agencies to preserve and improve affordable housing units through the use of LIHTC financing, which is crucial for providing quality homes for low-income residents as rents continue to rise across the country.