Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Contract - Amendment
Project ID (if applicable): D2017- 090
Vendor/Entity Legal Name (if applicable): HCHA Redevelopment Authority, Inc. and First Met Apartments, LP
MWDBE Contracted Goal (if applicable): 30%
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal is not 0% and is listed above
Request Summary (Agenda Caption):
title
Request for approval of a second amendment to an agreement with HCHA Redevelopment Authority, Inc., and First Met Apartments, LP to add $346,624 in Neighborhood Stabilization Program Round 1 Funds to the acquisition budget line item for the First Met Apartments project, the CDBG-DR funds of $23,368,381 remains unchanged, MWDBE Contracted Goal: 30%.
end
Background and Discussion:
On August 11, 2020, Harris County Commissioners Court approved funding for and submission of the project (Project Number D2017-090).
On August 23, 2022, Commissioners Court approved a request for funding for the construction of First Met Senior Apartments.
On April 25, 2023, Commissioner’s Court approved adjustments to the Leverage Budget which included: a) increase Construction Line Item by $33,957, due to adding water submeters on all units; b) increase General Soft Cost Line Item by $440,000, which includes HCHA Sales Tax Savings ($350,000) and construction Management Fee ($90,000); c) increase the Construction Financing Line Item by $142,566, due to higher than anticipated Builder's Risk Premium; d) increase the Permanent Loan Financing Line Item by $200,000 due to additional legal fee and title fees. The reason for the First Amendment for First Met Apartments is to Firm up Limited Partner Agreement LPA. The total Harris County CDBG-DR funding will be $23,368,381 and $1,631,618 in NSP1 Funds. The total project cost is $44,696,168.
The Parties now desire now the Parties now desire to amend said Agreement to request for approval of a second amendment to the agreement between Harris County, HCHA Redevelopment Authority, Inc., and First Met Apartments, LP to add an additional $346,624 in NSP-1 Funds to the acquisition line item. The original NSP1 funds award amount will increase from $1,631,618 to $1,978,242. The CDBG-DR funds of $23,368,381 will remain unchanged.
Expected Impact:
The expected impact is an increase in the number of available affordable units reserved for low-income households.
Alternative Options:
The alternative option is that the developer can increase the number of market-rate units to cover any remaining costs associated with the development of the project.
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):
|
Date |
Agenda Item # |
Action Taken |
|
12-14-18 |
9.a. |
Approval of and resolution to submit to Harris County Supplemental Action Plan to the GLO. |
|
08-11-20 |
8.h.2 |
Approval of funding for the First Met Senior Apartments |
|
08-23-22 |
181. |
Approval of the loan agreement for the First Met Senior Apartments |
|
4-25-23 |
147 |
Approval of First Met Senior Apartments Amendment #1 |
Location:
Address (if applicable): 8730 West Sam Houston Parkway, Houston, Texas 77040
Precinct(s): Precinct 1
|
Fiscal and Personnel Summary |
|
Service Name |
First Met Senior Apartments |
|
|
|
Current Fiscal Year Cost |
Annual Fiscal Cost |
|
|
Labor |
Non-Labor |
Total |
Recurring Expenses |
|
Funding Sources |
|
|
Existing Budget |
|
|
|
|
|
Grant |
$23,368,381 |
$0 |
$23,368,381 |
$ |
|
Grant |
$1,631,618 |
$0 |
$1,631,618 |
$ |
|
Grant |
$346,624 |
$0 |
$346,624 |
$ |
|
Total Current Budget |
$25,346,623 |
$0 |
$25,346,623 |
$ |
|
Additional Budget Request (Requires Fiscal Review Request Form) |
|
|
Choose an item. |
$ |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
$ |
|
Total Additional Budget Request |
$ |
$ |
$ |
$ |
|
Total Funding Request |
$25,346,623 |
$0 |
$25,346,623 |
$ |
|
Personnel (Fill out section only if requesting new PCNs) |
|
|
Current Position Count for Service |
- |
- |
- |
- |
|
Additional Positions Request |
- |
- |
- |
- |
|
Total Personnel |
- |
- |
- |
- |
Anticipated Court Date: November 12, 2024
Anticipated Implementation Date (if different from Court date): N/A
Emergency/Disaster Recovery Note: Disaster Recovery related item
Contact(s) name, title, department: Samuel Borders, Director, Multi-Family Development, Harris County Housing and Community Development.
Attachments (if applicable): N/A