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): OST Lofts
Vendor/Entity Legal Name (if applicable): DWR OST, LP
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 $4,030,000 in American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (SLFRF) to the Harris County Housing Finance Corporation to purchase land at 5520 Old Spanish Trail for the OST Loft Project.
end
Background and Discussion:
DWR OST, LP is requesting up to $4,030,000 in ARPA SLFRF for the acquisition and development of a multi-family affordable housing development called OST Lofts located at 5520 Old Spanish Trail, Houston, TX, 77023. DWR OST, LP was awarded 9% LITIC 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 OST Lofts are $44,790,345.00.
OST Lofts will create 130 new Multi-Family Housing Units and 109 of these units will be affordable. The unit mix will consist of 11 units for those making 30% or less of Area Median Income, 44 units for those making between 31%-50% of Area Median Income, 54 units for those making between 51%-60% Area Median Income, and 21 Market Rate Units. The Project will consist of 74 one-bedroom units, 44 two-bedroom units, and 12 three-bedroom 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 land for $4,030,000 in ARPA SL...
Click here for full text