Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Contract - Amendment
Project ID (if applicable): D2017- 090
Vendor/Entity Legal Name (if applicable): HCHA Redevelopment Authority, Inc. and First Met Apartments, LP
MWDBE Contracted Goal (if applicable): 30%
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal is not 0% and is listed above
Request Summary (Agenda Caption):
title
Request for approval of a second amendment to an agreement with HCHA Redevelopment Authority, Inc., and First Met Apartments, LP to add $346,624 in Neighborhood Stabilization Program Round 1 Funds to the acquisition budget line item for the First Met Apartments project, the CDBG-DR funds of $23,368,381 remains unchanged, MWDBE Contracted Goal: 30%.
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Background and Discussion:
On August 11, 2020, Harris County Commissioners Court approved funding for and submission of the project (Project Number D2017-090).
On August 23, 2022, Commissioners Court approved a request for funding for the construction of First Met Senior Apartments.
On April 25, 2023, Commissioner's Court approved adjustments to the Leverage Budget which included: a) increase Construction Line Item by $33,957, due to adding water submeters on all units; b) increase General Soft Cost Line Item by $440,000, which includes HCHA Sales Tax Savings ($350,000) and construction Management Fee ($90,000); c) increase the Construction Financing Line Item by $142,566, due to higher than anticipated Builder's Risk Premium; d) increase the Permanent Loan Financing Line Item by $200,000 due to additional legal fee and title fees. The reason for the First Amendment for First Met Apartments is to Firm up Limited Partner Agreement LPA. The total Harris County CDBG-DR funding will be $23,368,381 and $1,631,618 in NSP1 Funds. The total project cost is $44,6...
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