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).
end
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
_ Governance and Customer Service
Prior Court Action (if any): N/A
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Date |
Agenda Item # |
Action Taken |
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Location:
Address (if applicable): TBD
Precinct(s): Countywide
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Fiscal and Personnel Summary |
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Service Name |
Affordable Rental Housing |
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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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Other |
$ |
$6,000,000.00 |
$6,000,000.00 |
$ |
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Choose an item. |
$ |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
$ |
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Total Current Budget |
$ |
$6,000,000.00 |
$6,000,000.00 |
$ |
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Additional Budget Request (Requires Fiscal Review Request Form) |
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Choose an item. |
$ |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
$ |
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Total Additional Budget Request |
$ |
$ |
$ |
$ |
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Total Funding Request |
$ |
$6,000,000.00 |
$6,000,000.00 |
$ |
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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 December 10,2024
Anticipated Implementation Date (if different from Court date): N/A
Emergency/Disaster Recovery Note: Not an emergency, disaster, or COVID-19 related item
Contact(s) name, title, department: Sam Borders, Director, Multi-Family Housing Development, Harris County Housing and Community Development
Attachments (if applicable): Court Order