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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 11/9/2021
District D
Item Creation Date:
HCD21-99 Orchard at Hull (Small Rental)
Agenda Item#: 14.
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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 the NEIGHBORHOOD RECOVERY COMMUNITY DEVELOPMENT CORPORATION, in the amount of $1,766,137.00, 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 seven units of rental housing - DISTRICT D - EVANS-SHABAZZ |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approval of an Ordinance authorizing an Agreement between the City of Houston (City) and Neighborhood Recovery Community Development Corporation (Developer) to provide $1,766,137.00 of Community Development Block Grant - Disaster Recovery 2017 (CDBG-DR17) funds, for the land acquisition and development costs for The Orchard at Hull Calhoun, to be located at 6514 Calhoun St, Houston, Texas 77051.
The Orchard at Hull will be a seven-unit, affordable development in southeast Houston, in the area known as the Old Spanish Trail/South Union community.
The development will feature 21 fruit-bearing trees in an orchard area, which will also serve as a community gathering space for the residents. The new driveways will be made with permeable, eco-friendly pavement to promote environmentally resilient drainage and aesthetics. This one-acre project is designed to stimulate community interaction through pedestrian walkability, easy access to public transportation, landscaping, and street lights on the property.
The loan and affordability period will be 20 years and will commence when the construction period is completed. Loan will be non-amortizing throughout both the construction and affordability period.
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Sources & Uses
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Sources:
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Uses:
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City of Houston
(CDBG-DR17)
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$1,766,137.00
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Acquisition
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$80,000.00
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Cash Equity
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$159,896.00
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Hard Costs
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$1,617,705.00
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Soft Costs
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$216,108.00
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Reserves
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$12,220.00
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Total Source of Funds:
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$1,926,033.00
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Total Project Cost:
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$1,926,033.00
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No Fiscal Note is required on grant items.
This item was reviewed by the Housing and Community Affairs Committee on July 27, 2021.
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Keith W. Bynam, Interim Director |
| | | | | | | | Amount and Source of Funding:
$1,766,137.00 Federal State Local - Pass Through (5030) |
| | | | | | | | Contact Information:
Roxanne Lawson
(832) 394-6307 |
| ATTACHMENTS: | | Description | Type | | Coversheet | Signed Cover sheet |
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