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): Kirkwood Crossing
Vendor/Entity Legal Name (if applicable): Impact Residential Development, 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):
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Request by Community Services for approval to conditionally award up to $9,000,000 of American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF) to purchase land for the Kirkwood Crossing project for the Harris County Housing Finance Corporation with a maximum purchase price of $3,920,000, and to negotiate and execute a loan agreement in an amount up to $5,080,000 in ARPA SLFRF for eligible development costs for the project.
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Background and Discussion:
Impact Residential Development, LLC is requesting up to $9,000,000.00 in ARPA SLFRF for the acquisition of a new multi-family affordable housing development called Kirkwood Crossing located at 12000 Bissonnet Street, Houston 77099. Impact Residential Development, LLC, was awarded 9% LIHTC Tax Credits by TDHCA in 2022. 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 SLFRF. The total development costs for Kirkwood Crossing are $40,904,717.00.
The Kirkwood Crossing Project will create 138 new Multi-Family Housing Units and 114 of these will be affordable. The unit mix will consist of 12units for those making 30% or less of Area Median Income, 46 units for those making between 31%-50% of Area Median Income, and 56 units for those making between 51%-60% Area Median Income, The Project will consist of 36 one-bedroom units, 81 two-bedroom units and 21 th...
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