Department: Community Services
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Contract - Award
Project ID (if applicable): Kirkwood Crossing
Vendor/Entity Legal Name (if applicable): Impact Residential Development, LLC
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 Community Services for approval to conditionally award up to $9,000,000 of American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF) to purchase land for the Kirkwood Crossing project for the Harris County Housing Finance Corporation with a maximum purchase price of $3,920,000, and to negotiate and execute a loan agreement in an amount up to $5,080,000 in ARPA SLFRF for eligible development costs for the project.
end
Background and Discussion:
Impact Residential Development, LLC is requesting up to $9,000,000.00 in ARPA SLFRF for the acquisition of a new multi-family affordable housing development called Kirkwood Crossing located at 12000 Bissonnet Street, Houston 77099. Impact Residential Development, LLC, was awarded 9% LIHTC Tax Credits by TDHCA in 2022. Due to increase in insurance rates, interest rates, and construction costs, this project is no longer viable without partnering with Harris County and receiving ARPA SLFRF. The total development costs for Kirkwood Crossing are $40,904,717.00.
The Kirkwood Crossing Project will create 138 new Multi-Family Housing Units and 114 of these will be affordable. The unit mix will consist of 12units for those making 30% or less of Area Median Income, 46 units for those making between 31%-50% of Area Median Income, and 56 units for those making between 51%-60% Area Median Income, The Project will consist of 36 one-bedroom units, 81 two-bedroom units and 21 three-bedroom units. 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:
The expected impact is to transfer the $3,920,000.00 in ARPA SLFRF to the HCHFC to acquire the land for the Kirkwood Crossing Project and give a conditional commitment of $5,080,000 in ARPA SLFRF for eligible development costs.
Alternative Options:
The alternative option is that the 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):
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Date |
Agenda Item # |
Action Taken |
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Location:
Address (if applicable): 12000 Bissonnet Street, Houston, 77099
Precinct(s): Precinct 4
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Fiscal and Personnel Summary |
|
Service Name |
Affordable Rental Housing |
|
|
FY 24 |
FY 25 |
Next 3 FYs |
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Incremental Expenditures (do NOT write values in thousands or millions) |
|
Labor Expenditures |
$ |
$ |
$ |
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Non-Labor Expenditures |
$9,000,000.00 |
$ |
$ |
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Total Incremental Expenditures |
$9,000,000.00 |
$ |
$ |
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Funding Sources (do NOT write values in thousands or millions) |
|
Existing Budget |
|
Choose an item. |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
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Total Current Budget |
$ |
$ |
$ |
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Additional Budget Requested |
|
2651 - American Rescue Plan 2021 |
$9,000,000.00 |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
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Total Additional Budget Requested |
$9,000,000.00 |
$ |
$ |
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Total Funding Sources |
$9,000,000.00 |
$ |
$ |
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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 Requested |
- |
- |
- |
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Total Personnel |
- |
- |
- |
Anticipated Court Date: November 14, 2023
Anticipated Implementation Date (if different from Court date): N/A
Emergency/Disaster Recovery Note: COVID-19 related item
Contact(s) name, title, department: Sam Borders, Director, Multi-Family Housing Development, Harris County Community Services Department
Attachments (if applicable): Order