The Housing and Community Development Department (HCDD) recommends Council approval of an ordinance appropriating $880,000.00 from the Homeless and Housing Consolidated Bond Fund to the Houston Public Works (HPW) Water & Sewer System Operating Fund for the transfer of land located at 3400 Linn Street to HCDD to expand and preserve affordable home options for low to moderate income Houston residents.
HPW - Combined Utility System (CUS) has determined that Parcel IT19-001, consisting of 7.8446 acres of land located at 3400 Linn Street, Houston, Harris County, Texas, is surplus to its needs. All City departments with land needs were canvassed with no interest in the property except by HCDD.
HCDD is considering this purchase to preserve affordable housing within an area experiencing a high rate of gentrification. The site will supplement the additional tract that HCDD owns which is located at 3300 Russell Street. The site provides HCDD an opportunity to capitalize surplus stock from HPW, which promotes affordable housing in Houston.
The transfer of CUS assets to another City department's inventory requires that payment of the equivalent fair market value of the property be made to the CUS Fund. Once appropriated, the funds will be transferred to the CUS Fund.
The following is a breakdown of anticipated costs:
|
Sources
|
Amount
|
Uses
|
|
Homeless and Housing Consolidated Bond Fund (4501)
|
$771,953.00
|
Acquisition of Land
|
|
Homeless and Housing Consolidated Bond Fund (4501)
|
$108,047.00
|
Estimated due diligence, predevelopment work and closing costs
|
|
Total
|
$880,000.00
|
|
Fiscal Note:
No significant fiscal operating impact is anticipated as a result of this project.
________________________________
Tom McCasland, Director