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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 11/9/2021
District H
Item Creation Date: 5/26/2021
HCD21-82 Fulton and James
Agenda Item#: 12.
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| | | | | | | | Summary:
ORDINANCE approving and authorizing a Performance-Based Loan of 2017 Community Development Block Grant Disaster Recovery Program Funds by City of Houston under its Small Rental Program to AVENUE COMMUNITY DEVELOPMENT CORPORATION, in the amount of $1,783,923.00, as evidenced by a Promissory Note, Loan Agreement, and other related documents, to assist with financing of CDBG eligible costs, both direct and indirect, of the construction, acquisition, rehabilitation, or reconstruction of four units of rental housing - DISTRICT H - CISNEROS |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approval of an Ordinance authorizing a Contract between the City of Houston (City) and Avenue CDC, (Borrower) for a $1,783,923.00 Community Development Block Grant - Disaster Recovery 2017 (CDBG-DR17) loan, for the land acquisition and new construction of Fulton and James, serving low- to moderate-income renters at 2004 & 2008 Fulton St. and 1105 James St, Houston TX 77009.
Fulton and James will be a house-scale small rental development that will serve individuals and families by providing four housing units. Each home will be a three-bedroom unit serving households at 30%, 50%, 60%, and 80% of the Area Median Income. The development will be built to ENERGY STAR certified standards incorporating a complete thermal enclosure system, heating and cooling system, water management system, and energy-efficient lighting and appliances. The site is located in a residential part of the Near Northside Complete Community. It is within two miles of Downtown Houston and surrounded by community centers, public parks, Metrorail Redline, grocery stores, pharmacy, library, and hospital.
The loan and affordability period will be 20 years and will commence when the construction period is completed. The loan will be non-amortizing throughout both the construction and affordability period and no payments will be required.
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Sources & Uses
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Sources
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Amount
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Uses
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Amount
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City of Houston Request
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$1,783,923.00
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Hard Cost
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$1,025,762.00
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Cash Equity
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$193,091.00
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Soft Cost
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$280,752.00
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Acquisition Cost
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$669,000.00
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Reserves
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$1,500.00
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Total Source of Funds:
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$1,977,014.00
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Total Project Cost:
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$1,977,014.00
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No Fiscal Note is required on grant items.
This item was reviewed by the Housing and Community Affairs Committee on June 15, 2021.
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Keith W. Bynam, Interim Director
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| | | | | | | | Amount and Source of Funding:
$1,783,923.00 Federal State Local – Pass Through Fund (5030) |
| | | | | | | | Contact Information:
Roxanne Lawson
832-394-6307
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| ATTACHMENTS: | | Description | Type | | Coversheet | Signed Cover sheet |
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