Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Supplemental RCA
Type of Request: Contract - Award
Project ID (if applicable): Lost Oaks
Vendor/Entity Legal Name (if applicable): Mark-Dana Corporation
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):
title
Request by Housing and Community Development for approval to conditionally award up to $4,528,000 of American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds to purchase the land for the Lost Oaks for the Harris County Housing Finance Corporation with a maximum purchase price of $2,850,000 and to negotiate and execute a loan agreement of up to $1,678,000 in ARPA State and Local Fiscal Recovery Funds for eligible development costs for the Lost Oaks project.
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Background and Discussion:
On March 26, 2024, Mark-Dana Corporation previously requested and was conditionally awarded up to $3,100,000.00 in ARPA State and Local Fiscal Recovery Funds for the acquisition and development of a new multi-family affordable housing development called Lost Oaks located at 810 Oak Street, Houston 77018. Mark- Dana Corporation was awarded 9% LIHTC Tax Credits by Texas Department of Housing and Community Affairs (TDHCA) in 2023. The total development costs for Lost Oak are $26,044,410.
Pursuant to the statutory requirements under TDHCA, Harris County Housing Finance Corporation is limited in the amount it can earn from ground lease payments on each round of 9% tax credits awarded. Harris County Housing Finance Corporation is limited to $3,000,000 for projects awarded 9% LIHTC Tax Credits in 2023, and it has reached that limit on other projects currently in progress. TDHCA did not give Harris County Housing Finance Corporation a waiver on this cap requir...
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