Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Executive Session
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): Harris County Housing Finance 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 (HCD) for an Executive Session to authorize HCD to negotiate terms for a purchase agreement using CDBG-DR Program Income to acquire, on behalf of the Harris County Housing Finance Corporation (the "HFC"), a tract of land within Harris County to be used for a multi-family housing development. CDBG-DR Program Income, in an amount not to exceed $6,000,000 would be transferred, pursuant to an approved Subrecipient Agreement, to the HFC (or, at the election of the HFC, to the applicable title company).
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Background and Discussion:
If both this request and formal agreements regarding the transaction are approved, an award of up to $6,000,000 would be made to the Harris County Housing Finance Corporation (or the applicable title company), who would acquire the land and initiate a Request for Qualifications process to develop the land for affordable housing. After a successful acquisition, like other HCD Multi-Family ARPA SLFRF projects, the HCHFC will own the land and the project will enter a 99-year ground lease, which will keep the project affordable for 99-years.
Expected Impact:
$6,000,000 in Community Development Block Grant - Program Income Funds
Alternative Options:
Without Community Development Block Grant - Program Income project will not move forward.
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
X Housing
_ Public Health
_ Transportation
_ Flooding
_ Environment
_...
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