The Housing and Community Development Department (HCD) recommends Council approval of an Ordinance authorizing up to $120,452.22 in Community Development Block Grant - Disaster Recovery 2017 (CDBG-DR 17) funds to pay outstanding Property Owner Association (“POA”) fees owed to City Park Commercial Association, Inc. through their management company, Inframark.
As a part of HCD’s work to create opportunities for all Houstonians to have access to safe and affordable homes, HCD routinely participates in real estate transactions including purchasing real property. It is customary for tracts that are being developed into residential subdivisions to be purchased subject to Covenants, Conditions and Restrictions (“CCRs”), put in place by a POA. CCR’s govern the use of the land and require owners to pay annual assessments.
Currently, the City has outstanding POA fees and monthly accruing interest on the Cityscape property located alongside Highway 288 near E. Orem Dr. The property is currently up for sale. The remaining funds will be deposited into a reserve account to be used for future assessments due in accordance with the Cityscape CCR.
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Property Owner Association
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Amount
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City Park Commercial Association (Inframark)
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$62,804.13
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Reserve Account Funds-Future Assessments
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$57,648.09
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Estimated Total Due
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$120,452.22
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