The Housing and Community Development Department  (HCDD)  recommends Council approval of an Ordinance authorizing $14,000,000.00 of Community  Development Block Grant - Disaster Recovery 2017 (CDBG-DR17)  funds, for a  Contract between the City of Houston (City) and William A. Lawson Institute for Peace & Prosperity (WALIPP), a nonprofit partner of DWR Development Group (Borrower).  The loan will be used towards the land acquisition and new development of Regency Lofts, to be located at 3232 Dixie Rd. Houston, TX 77021.   

Regency Lofts will be a 120-unit podium style  affordable rental development serving families. The property  will provide a mix of  one, two, and three-bedroom units  serving low- to moderate-income households at 30%, 50% 60% and 80% of the Area Median Income. The development will also include a stand-alone quality prekindergarten  center available to residents and open to the neighborhood. 

This project is funded by  CDBG-DR17 program funds awarded by the United States Department of Housing and Urban Development, through the Texas General Land Office to provide affordable rental units for low to moderate income households, in accordance with the City’s Harvey Multifamily Program Guidelines, implemented by the HCDD. 

The  loan and  affordability period will be 40 years and will commence when the construction period is completed. Loan will be non-amortizing throughout both the construction and affordability period. Following project completion, the outstanding principal balance of the note shall accrue at 1% interest. Borrower will pay an annual installment of interest from available cash flow.