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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 7/12/2016
District D
Item Creation Date: 2/1/2016
HCD16-64 Sunrise Orchard
Agenda Item#: 4.
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| | | | | | | | Summary:
ORDINANCE approving and authorizing Loan Agreement between the City of Houston and TEJANO CENTER FOR COMMUNITY CONCERNS, INC to provide $3,500,000.00 of Federal “HOME” Funds to assist with site acquisition and construction of Sunrise Orchard, a 52 unit Affordable Housing Community for Youth in the vicinity of 5300 Sunrise Road in Houston, Texas |
| | | | | | | | Background:
In response to the lack of housing for youth aging out of foster care, Tejano Center for Community Concerns has joined the The Vecino Group to develop a 52-unit affordable housing community which will provide supportive services geared towards the specific needs of this segment of the homeless population. The Housing and Community Development Department (HCDD) recommends Council approve an Ordinance authorizing a Performance Based Loan for up to $3,500,000 for construction of this facility. Total project costs are anticipated to be $9,533,703.
The project will include one- and two-bedroom units. All residents will sign individual leases for a minimum of 12 months. All units will be considered permanent supportive housing, with extensive social services provided to the tenants.
Tejano Center has operated a youth shelter and foster care program on the Sunrise Road site for approximately 20 years. The Center will provide services in conjunction with the Salvation Army, Baylor College of Medicine, Legacy Community Health, and Service Employment Redevelopment (SER) Jobs for Progress. Development expertise will be provided by The Vecino Group, a development firm based in Springfield, MO.
The project’s total cost will be financed as follows:
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Sources
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Total
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Uses
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Total
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Residential
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Harris County
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$1,684,991
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Land Acquisition
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$415,000
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$349,845
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Tax Credit Equity
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2,639,730
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Hard Cost
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5,871,948
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4,950,052
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Deferred Developer Fee
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150,000
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Soft Cost
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1,900,361
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1,602,005
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Land Contribution
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15,000
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Reserves
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273,769
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230,787
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NeighborWorks America
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25,000
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Developer Fee
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$1,072,625
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$904,223
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FHLB
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500,000
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Total
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$9,533,703
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$8,036,912
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CSH Grant
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1,018,982
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HCDD HOME Grant
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$3,500,000
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Total
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$9,533,703
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| | | | | | | | Amount of Funding:
$3.500,000.00 HOME Investment Partnership |
| | | | | | | | Contact Information:
Roxanne Lawson
832-394-6282 |
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