Primary Department: Housing and Community Development
Primary Department Head/Elected Official: Thao Costis, Executive Director
Secondary Department: N/A
Secondary Department Head/Elected Official: N/A
Regular or Supplemental RCA: Supplemental RCA
Type of Request: Policy
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):
title
Request by Housing and Community Development for approval to execute (a) the transfer of the underlying real estate for the Kingsland Park development to HCHFC Kingsland Park, LLC, a wholly owned subsidiary of the Harris County Housing Finance Corporation (collectively, the "HFC") with the understanding that the HFC will pay for all closing costs of the transaction and assume all right and obligation of Landlord in the ground lease currently in effect for the property; and (b) the Resolution evidencing findings of Commissioners Court regarding the contemplated transaction.
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Background and Discussion:
No Harris County funds are allocated by this action.
Kingsland Park is a 198-unit housing development in Harris County located on the Property and located at 23420 Kingsland Blvd., Katy, Texas. Of those 198 units, 146 units are required to be occupied by low to moderate-income residents.
Expected Impact:
Approval of the ground transfer to HCHFC has been contemplated since the purchase by Harris County. ARPA funds funded the purchase of the underlying ground of the completed apartments to ensure 99-year permanent affordability in the property.
Alternative Options:
Without approval, the land remains held by Harris County rather than being owned by HCHFC.
County S...
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