Primary Department: Housing and Community Development
Primary Department Head/Elected Official: Thao Costis
Secondary Department: N/A
Secondary Department Head/Elected Official: N/A
Regular or Supplemental RCA: Supplemental RCA
Type of Request: Negotiation
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWBE Contracted Goal (if applicable): N/A
MWBE Current Participation (if applicable): N/A
Justification for 0% MWBE Participation Goal: N/A - Goal not applicable to request
Grant Indirect Costs Rate (if applicable): N/A
Justification for 0% Grant Indirect Costs Rate (if applicable): N/A - Not a grant item
Request Summary (Agenda Caption):
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Request by Housing and Community Development for approval to execute a purchase and sale agreement with ZAR Capital, LLC in the amount of $2,500,000 for the disposition of an 8.21-acre tract located at 8415 FM 1960 Bypass Rd. W, Humble, TX 77338.
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Background and Discussion:
The site was initially acquired on June 1, 2021 with CDBG-DR Funds by HCD for the development of Low Moderate Income (LMI) single family homes. Since acquisition, the property has been held with some incurred engineering costs and has since transitioned out of the CDBG-DR portfolio to other eligible funding programs. After careful review and consideration, HCD found the property to be unfit for the development of affordable housing development due to a noise hazard issue. As such, HCD recommends sale of the property in the interest of cost reasonableness and maximizing county resources and capacity to increase the County's affordable housing stock. Moving forward, HCD plans to develop other LMI single family home buying opportunities within Precinct 3 using similar grant sources.
Expected Impact:
Future receipt of $2,500,000 in CDBG Program Income sources.
Alternative Options:
County Strategic Plan Goal: 6. Help residents achieve housing stability.
County Strategic Plan Objective: U: Build and preserv...
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