Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Financial Authorization
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
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 for approval to allocate $1,300,000 of Flex Funds to secure real estate project management, advisory and brokerage, appraisal, legal, and environmental consulting services to aid in the acquisition of potential properties deemed beneficial for the expansion of affordable housing throughout Harris County.
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Background and Discussion:
The Harris County Housing and Community Development Department- Multi Family is seeking real estate project management, advisory and brokerage services to aid in the management of and appraisal of potential properties to further affordable housing in Harris County. These services would aid in identifying viable acquisition opportunities, identifying developers for gap financing, crafting unique multi-family deal structures, assisting with negotiations, reviewing purchase and sale contracts, current capital market analysis, and present at key stakeholder meetings, to name a few.
Additionally, the Harris County Housing and Community Development Department is considering contracting for appraisal, legal and environmental consulting services on an “as needed” basis. This work would consist of the evaluation, legal review and general consulting of proposed properties including but not limited to review of reports prepared by others, communications with others regarding legal matters, preparation of environmental reports, performance of site assessments, etc.
This request was approved by SteerCo on 10/02/2024.
Expected Impact:
Fiscally, $1,200,000 will be allocated for brokerage services and $100,000 for appraisal, legal, and environmental services.
Alternative Options:
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
_X Housing
_ Public Health
_ Transportation
_ Flooding
_ Environment
_ Governance and Customer Service
Prior Court Action (if any):
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Action Taken |
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Location:
Address (if applicable): NA
Precinct(s): Countywide
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Fiscal and Personnel Summary |
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Service Name |
Housing and Community Development |
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Current Fiscal Year Cost |
Annual Fiscal Cost |
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Labor |
Non-Labor |
Total |
Recurring Expenses |
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Funding Sources |
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Existing Budget |
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1040 - FLEX Fund |
$ |
$1,300,000 |
$ |
$ |
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$ |
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$ |
$ |
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$ |
$ |
$ |
$ |
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Total Current Budget |
$ |
$ |
$ |
$ |
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Additional Budget Request (Requires Fiscal Review Request Form) |
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$ |
$ |
$ |
$ |
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$ |
$ |
$ |
$ |
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$ |
$ |
$ |
$ |
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Total Additional Budget Request |
$ |
$ |
$ |
$ |
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Total Funding Request |
$ |
$1,300,000 |
$ |
$ |
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Personnel (Fill out section only if requesting new PCNs) |
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Current Position Count for Service |
- |
- |
- |
- |
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Additional Positions Request |
- |
- |
- |
- |
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Total Personnel |
- |
- |
- |
- |
Anticipated Court Date: October 29, 2024
Anticipated Implementation Date (if different from Court date): N/A
Emergency/Disaster Recovery Note: COVID-19 related item
Contact(s) name, title, department: Rupa Sen, Assistant Director Multi-Family Housing
Attachments (if applicable): Court Order