Department: Housing and Community Development
Department Head/Elected Official: Thao Costas, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Contract - Award
Project ID (if applicable): Manson Place Apartments
Vendor/Entity Legal Name (if applicable): Manson Place Apts, LP
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
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Request by Housing and Community Development for approval to conditionally award up to $1,850,000 of American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds to purchase the land for the Manson Place Apartments for the Harris County Housing Finance Corporation with a maximum purchase price of $1,850,000.
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Background and Discussion:
On March 26th Commissioners court approved the Manson Place Apts, LP project a conditional award of up to $4,250,000.00 in ARPA State and Local Fiscal Recovery Funds for the acquisition and development of a new multi-family affordable housing development called Manson Place Apartments located at 3502 Reeves Street, Houston 77004.
The Manson Place Apts, LP project is no longer seeking the eligible development costs and will only request the conditional award for acquisition only costs up to $1,850,000 of American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds to purchase the land for the Manson Place Apartments for the Harris County Housing Finance Corporation with a maximum purchase price of $1,850,000. Manson Place Apts, LP reduced its acquisition only maximum price from $2,065,000.00 to $1,850,000.00 by decreasing its construction costs through value engineering without sacrificing any resident amenities. Additionally, a slight downtick in interest rates is affording Manson Place Apts, LP more borrowing capacity, and underwriting for an additional source from TDHCA (Multi-Family D...
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