Madhouse Development Services, Inc. (“Madhouse”) was established in 1999 by a group of housing and community development professionals who were segueing from local and state government to the private development sector. With 20 years of continuous success, Madhouse is well established in the multifamily housing industry, providing expertise in the areas of finance, development, construction and asset management of quality affordable and market-rate rental housing. Through hard work and dedication to its principles, Madhouse has earned a reputation as a developer who balances respect for value with sensitivity to environment and design. After developing thousands of apartment homes, Madhouse has refined the ability to assess proposals on the basis of sound economic principles. Our success is measured by the lasting legacy we leave in the communities we serve. We believe our long-term prosperity is rooted in the broader business of community building. Madhouse strives to find innovative, carefully-considered solutions that are the most financially, environmentally and socially rewarding for our clients and of the greatest value to the citizens we serve. Our relationships are long-term rather than transactional and built upon the cornerstones of integrity, reliability, transparency, and performance. In 2015, 2016, and 2017 , Madhouse was ranked in the Top 50 Affordable Housing Developers in the county by Affordable Housing Finance Magazine.
Madhouse has participated in the development of conventional market-rate apartment projects though its primary focus is on the financing of complex affordable housing transactions via a number of local, state and federal funding sources. In an intensely competitive environment, the principals of Madhouse have compiled a highly successful record in receiving awards via the Housing Tax Credit Program (“HTC”). Since its inception, the principals of Madhouse have developed over 4,600 units of affordable housing at a total investment exceeding $600MM. The company has chosen to concentrate its efforts in Texas, due to the large low and moderate income population base and the lack of availability of quality, affordable multifamily communities though it has also experienced success in Mississippi and Colorado.
Madhouse has also been involved in tax-exempt bond financed properties utilizing both the Private Activity Bonds and 501(c)(3) bonds in partnership with Public Housing Authorities, Community and Economic Development Corporations, and Community Housing Development Organizations. Madhouse has also sponsored development activity utilizing federal funds from the HOME Investment Partnership Program and the Community Development Block Grant Program.
The principal founder was Henry Flores who committed the first 20 years of his career to public service with 15 years of tenure in local government followed by his appointment by Governor Ann Richards as the first Executive Director of the Texas Department of Housing and Community Affairs. He continued to serve in that capacity under Governor George W. Bush and subsequently was appointed Chairman of the Federal Home Loan Bank by President Bill Clinton and then again by President George W. Bush serving both Democratic and Republican administrations at the state and federal levels.
In 2011, he was joined by his son, Henry IV, who serves as the Vice President of the privately held, family owned corporation and oversees the planning and implementation of all development activities. The strength of Madhouse is their dedicated and highly qualified staff which includes Toby Williams and Michael Tamez as Development Managers, Dash Groody Executive Assistant and Office Manager, Laura Irwin as Resident Services Manager, and and a cadre of exceptional third party professionals.
Madhouse is committed to developing more than just buildings to house people. We insist on using creative land planning to ensure the quality multifamily housing we develop blends harmoniously with the surrounding community. We are creating apartment homes, lofts, and townhouses surrounded by abundant and attractively landscaped green space and a full array of amenities, such as community and fitness rooms, learning centers, playgrounds, pools and spas for residents to enjoy. Working closely with local governments and community organizations, we build long lasting, positive relationships with neighborhoods that families are proud to call home and where they can prosper and grow in a safe and affordable environment.