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): Park Row Katy Living
Vendor/Entity Legal Name (if applicable): Park Row Katy Living, Ltd./Palladium
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 $5,000,000 in American Rescue Plan Act (ARPA) State and Local Fiscal Recovery Funds (SLFRF) to purchase land for the Park Row Katy Living Project for the Harris County Housing Finance Corporation with a maximum purchase price of $4,048,685, and to negotiate and execute a loan agreement in an amount up to $951,315 in ARPA SLFRF for eligible development costs for the project.
end
Background and Discussion:
Park Row Katy Living, Ltd. is requesting up to $5,000,000.00 in ARPA SLFRF for the acquisition and development of a new multi-family affordable housing development called Park Row Katy Living located at NWQ of Park Row and Greenhouse Road, Houston 77084. Park Row Katy Living, Ltd. was awarded 9% LIHTC Tax Credits by TDHCA in 2023. 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 SLRF. The total development costs for Park Row Katy Living are $28,657,203.00.
The Katy Park Row Living Project will create 93 new Multi-Family Housing Units and 58 of these units will be affordable. The unit mix will consist of 6 units for those making 30% or less of Area Median Income, 24 units for those making between 31%-50% of Area Median Income, and 28 units for those making between 51%-60% Area Median Income, and 35 Market Rate 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 $4,048,685 in ARPA SLFRF to the HCHFC to acquire the land for the Park Row Katy Living Project and give a conditional commitment of $951,315 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): NWQ of Park Row and Greenhouse Road, Houston 77084
Precinct(s): Precinct 4
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Fiscal and Personnel Summary |
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Service Name |
Affordable Rental Housing |
|
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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 |
$5,000,000 |
$ |
$ |
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Total Incremental Expenditures |
$5,000,000 |
$ |
$ |
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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. |
$ |
$ |
$ |
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Choose an item. |
$ |
$ |
$ |
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Total Current Budget |
$ |
$ |
$ |
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Additional Budget Requested |
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2651 - American Rescue Plan 2021 |
$5,000,000 |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
|
Choose an item. |
$ |
$ |
$ |
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Total Additional Budget Requested |
$5,000,000 |
$ |
$ |
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Total Funding Sources |
$5,000,000 |
$ |
$ |
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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: October 31, 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