Primary Department: Housing and Community Development
Primary Department Head/Elected Official: Thao Costis, Executive Director
Secondary Department: N/A
Secondary Department Head/Elected Official: N/A
Regular or Supplemental RCA: Regular RCA
Type of Request: Policy
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): N/A
MWBE Contracted Goal (if applicable): N/A
MWBE Current Participation (if applicable): N/A
Justification for 0% MWBE Participation Goal: N/A - Goal not applicable to request
Grant Indirect Costs Rate (if applicable): N/A
Justification for 0% Grant Indirect Costs Rate (if applicable): N/A - Not a grant item
Request Summary (Agenda Caption):
title
Request for approval of an amendment to a PILOT agreement with Equality Community Housing Corporation and related lien releases to remove the Coolwood property, and release the liens for the Coolwood and Haverstock properties once the agreement is fully terminated, and transfer both properties to new owners with new financing at no cost to the county.
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Background and Discussion:
Coolwood Oaks and Haverstock Hills Apartments are existing multifamily apartments being purchased and financed for rehabilitation by Fairstead, an affordable housing developer. The projects were both subject to a common PILOT Agreement, which will not continue based upon the refinancing and ownership changes. Houston HFC is financing the Coolwood Oaks property which is within the City of Houston (Pct 2). Harris County HFC has worked closely with Fairstead and will be the general partner for Haverstock, (which is within Pct. 1).
Expected Impact:
Approval of the release of PILOT is needed in order for updated tax exemption under current state laws. HCHFC has worked closely to negotiate 99-year permanent affordability and expects significant improvement to assure long-term affordability and habitability in the Haverstock property. New LURA will be executed for both properties under the terms of ...
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