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): New Hope Housing Avenue C
Vendor/Entity Legal Name (if applicable): Houston Area Community Development Corporation
MWDBE Contracted Goal (if applicable):
MWDBE Current Participation (if applicable):
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 increase the conditional award to $11,000,000 of American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds to purchase the land with a maximum purchase price of $3,677,000 and to negotiate and execute a loan agreement up to $7,323,000 for eligible development costs for the New Hope Housing Avenue C project for the Harris County Housing Finance Corporation.
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Background and Discussion:
On Mach 26, 2024, Commissioners Court approved for Housing and Community Development a conditional award of up to $9,000,000 of American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds to purchase the land with a maximum purchase price of $3,677,000 and to negotiate and execute a loan agreement up to $5,323,000 for eligible development costs for New Hope Housing Avenue C project for the Harris County Housing Finance Corporation. Houston Area Community Development Corporation was awarded 4% LITC Tax Credits by TDHCA in 2023. The total development costs for New Hope Housing Avenue C project are $33,552,882.
New Hope Housing Avenue C has seen an 8.46% increase in hard costs and a 22.27% increase in the total development cost. These increases are due to rising construction, insurance costs, and persistently high interest rates. Since submitting the original application in 2023, the total development cost has increased from $33M to $41M. The additional fun...
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