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: Regular RCA
Type of Request: Executive Session
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): Harris County Housing Finance Corporation
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 an Executive Session to authorize HCD to negotiate terms for a purchase agreement using CDBG-DR Program Income in an amount not to exceed $6,000,000 to acquire, on behalf of the Harris County Housing Finance Corporation, a tract of land within Harris County to be used for a multi-family housing development.
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Background and Discussion:
CDBG-DR Program Income, in an amount not to exceed $6,000,000 would be transferred, pursuant of an approved subrecipient agreement, to the HFC (or, at the election of the HFC, to the applicable title company).
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
Alternat...
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