Department: Housing and Community Development
Department Head/Elected Official: Thao Costis, Executive Director
Regular or Supplemental RCA: Supplemental RCA
Type of Request: Contract - Award
Project ID (if applicable): N/A
Vendor/Entity Legal Name (if applicable): HTG Rushmore, 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 Housing and Community Development for approval to conditionally award up to $5,975,000 of American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds to purchase the land for The Rushmore for the Harris County Housing Finance Corporation with a maximum purchase price of $3,280,000 and to negotiate and execute a loan agreement of up to $2,695,000 in ARPA State and Local Fiscal Recovery Funds for eligible development costs for The Rushmore project.
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Background and Discussion:
HTG Rushmore, LLC is requesting up to $5,975,000 in ARPA State and Local Fiscal Recovery Funds for the acquisition and development of a new multi-family affordable housing development called The Rushmore located at 800 Highway 6 South, Houston 77079. HTG Rushmore, LLC was awarded 9% LIHTC Tax Credits by TDHCA in 2021. 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 State and Local Fiscal Recovery Funds. The total development costs for The Rushmore are $31,038,092. The Harris County Housing Finance Corporation has agreed to enter the General Partnership of this Project and receive Equitable Title.
The Rushmore Project will create 101 total units of which 85 are new Multi-Family Affordable Housing Units and 16 Market Rate units. The unit mix will consist of 9 units for those making 30% or less of Area Median Income, 76 units for those making between 51...
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