Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Contract - Award
Project ID (if applicable): Lost Oaks
Vendor/Entity Legal Name (if applicable): Mark-Dana 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 for approval to transfer up to $2,750,000 in American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds (SLFRF) to the Harris County Housing Finance Corporation to purchase the land at 810 Oak Street for the Lost Oaks Project, and execute a loan agreement in an amount up to $1,778,000 in ARPA SLFRF funds to reimburse eligible development costs for the project.
end
Background and Discussion:
On March 26, 2024, Mark-Dana Corporation previously requested and was conditionally awarded up to $3,100,000.00 in ARPA State and Local Fiscal Recovery Funds for the acquisition and development of a new multi-family affordable housing development called Lost Oaks located at 810 Oak Street, Houston 77018. Mark- Dana Corporation was awarded 9% LIHTC Tax Credits by Texas Department of Housing and Community Affairs (TDHCA) in 2023. The total development costs for Lost Oak are $26,044,410.
On June 4, 2024, Mark-Dana Corporation previously requested and was conditionally awarded up to $4,528,000 in ARPA State and Local Fiscal Recovery Funds for the acquisition and development of a new multi-family affordable housing development called Lost Oaks located at 810 Oak Street, Houston 77018. Mark- Dana Corporation was awarded 9% LIHTC Tax Credits by Texas Department of Housing and Community Affairs (TDHCA) in 2023. The total development costs for Lost Oak are $26,044,410.
This request will allow for the following change...
Click here for full text