| | | | | | | |  |
CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 3/28/2017
District I
Item Creation Date: 11/7/2016
HCD16-102a Harris County Housing Authority for Fenix Estates
Agenda Item#: 13.
| |
|
| | | | | | | | Summary:
ORDINANCE appropriating $2,050,000.00 from the TIRZ Affordable Housing Fund; approving and authorizing loan of the appropriated funds and $3,900,000.00 of Federal Home Investment Partnership Funds from the City of Houston to HARRIS COUNTY HOUSING AUTHORITY to assist with development of Fenix Estates, a 200 unit Affordable Housing Community, located in the vicinity of 3815 Gulf Freeway, In Houston, Texas - DISTRICT I - GALLEGOS |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approve a $5,950,000 loan between the City of Houston and Harris County Housing Authority for the construction of a 200-unit multifamily rental complex for families. The HOME funds of $3,900,000 will be provided as a performance based, forgivable loan that will operate as a grant. The $2,050,000 TIRZ funds will be an actual loan to be repaid over a 20 year timeframe. This new complex will have supportive services space for case managers, health providers, other social services, and space for HCHA central office operations. Total project costs are anticipated to be $46,212,536 of which $39,280,655 is for the residential component. In exchange for HCDD's funding, up to 70 units will be designated by the City as Permanent Supportive Housing (PSH) units, and 110 units will be designated by Harris County as PSH.
Located at 1-45 and Cullen, the area around Fenix Estates has numerous amenities that provide for future residents' transportation, shopping, educational, medical, cultural, recreational and spiritual needs. Besides direct access to 1-45 by car, residents have the option of using METRO's Southeast light rail line and buses at the nearby transit center. The area has also been identified for revitalization by Lovett Commercial, which has plans for retail and restaurant developments to be located next to the Fenix Estates community.
The project’s total cost will be financed as follows:
|
Sources
|
|
Uses
|
|
|
County CDBG-DR
|
$14,018,683
|
Hard Costs
|
$32,401,824
|
|
Limited Partner Equity
|
10,774,076
|
Soft Costs
|
6,898,712
|
|
HCHA GLO
|
6,754,831
|
Developer Fee
|
5,900,000
|
|
HCDD HOME
|
3,900,000
|
Project Reserves
|
1,002,000
|
|
HCHA Office Financing
|
3,888,668
|
Acquisition
|
$10,000
|
|
Def Developer Fee
|
2,380,516
|
|
|
|
County HOME
|
2,270,000
|
|
|
|
HCDD TIRZ 2409
|
2,050,000
|
|
|
|
GIC Income
|
175,762
|
|
|
|
|
|
|
|
|
Total
|
$46,212,536
|
Total
|
$46,212,536
|
This item was reviewed by the Housing and Community Affairs Committee on November 15, 2016. |
| | | | | | | | Amount of Funding:
$3,900,000.00 HOME Investment Partnership - Fund 5000
$2,050,000.00 Tax Increment Reinvestment Zone (TIRZ) - Fund 2409 |
| | | | | | | | Contact Information:
Roxanne Lawson
Phone: 832.394.6307 |
|