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File #: 23-6663    Version: 1 Name:
Type: Contract - Award Status: Passed
File created: 11/2/2023 In control: Commissioners Court
On agenda: 11/14/2023 Final action: 11/14/2023
Title: 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.
Attachments: 1. Backup CC Order for Kirkwood Crossing
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):
title
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.
end

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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