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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 9/12/2023
District H
Item Creation Date: 4/27/2023
HCD23-29 Fulton Crossing & Erin Park
Agenda Item#: 14.
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| | | | | | | | Summary:
ORDINANCE approving and authorizing Loan Agreement between City of Houston and CITYSIDE HOMES, LLC to provide Forgivable Loan of Uptown TIRZ Series 2021 Affordable Homes Funds to finance the construction of single-family developments located at 44 Dipping Lane, Houston, Texas 77076 and 1000 Patton, Street, Houston, Texas 77009 - DISTRICT H - CISNEROS |
| | | | | | | | Background:
The Housing and Community Development Department (HCD) recommends Council approval of an Ordinance authorizing a Loan Agreement between the City of Houston (City) and Cityside Homes, LLC (Cityside), providing a non-amortizing, forgivable loan of $5,200,000.00 in Uptown TIRZ Series 2021 Affordable Homes Funds for soft costs, infrastructure, and vertical home construction at 44 Dipping Lane, Houston, Texas 77076, and 1000 Patton Street, Houston, Texas 77009. This project will be administered by the Large Tract Development Division of HCD under the Affordable Home Development Program (AHDP) with the goal of increasing affordable single-family homeownership opportunities for households earning between 60% and 120% of the Area Median Income (AMI).
Cityside Homes LLC will oversee the horizontal and vertical construction of 59 new single-family homes, consisting of 40 affordable homes and 19 market-rate homes. The developer’s home designs are three-bedroom, single-family homes that will be marketed to affordable homebuyers with incomes at 80% - 120% AMI with a sales price range of $184,990.00 to $214,990.00. Partial releases of the City’s Deed of Trust with the developer will be fully executed upon closing the individual sales of the affordable homes.
The affordability period per each home will be four years, commencing when the sale to the homebuyer has closed. The City’s Restrictive Covenant joined by the homebuyer is to be fully released upon the expiration of the affordability period.
This project is aligned with the City’s efforts to invest in creating affordable housing opportunities for homebuyers in desirable neighborhoods throughout the City.
Fulton Crossing
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Sources
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Amount
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Uses
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Amount
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TIRZ – Bond (COH HCD)
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$3,510,000.000
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Land Acquisition
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$690,000.00
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Developer Funds
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$7,405,009.00
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Site Work
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$1,567,200.00
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Hard Construction Costs
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$6,358,489.00
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Soft Cost
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$1,939,320.00
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Total
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$10,555,009.00
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Estimated Total
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$10,555,009.00
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Erin Park
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Sources
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Amount
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Uses
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Amount
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TIRZ – Bond (COH HCD)
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$1,690,000.00
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Land Acquisition
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$1,860,010.00
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Developer Funds
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$5,674,962.00
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Hard Construction Costs
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$4,219,942.00
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Soft Cost
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$1,285,010.00
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Total
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$7,364,962.00
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Estimated Total
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$7,364,962.00
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No fiscal note is required on grant items.
This item was reviewed by the Housing and Community Affairs Committee on March 21, 2023.
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Keith W. Bynam, Director
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| | | | | | | | Prior Council Action:
05/05/2021 (O) 2021-354; 09/01/2021 (O) 2021-756; 11/10/2021 (O) 2021-973 |
| | | | | | | | Amount and Source of Funding:
$5,200,000.00 - Uptown TIRZ Series 2021 Affordable Homes Fund (2430) |
| | | | | | | | Contact Information:
Roxanne Lawson
(832) 394-6307 |
| ATTACHMENTS: | | Description | Type | | Cover Sheet | Signed Cover sheet |
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