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CITY OF HOUSTON - CITY COUNCIL
Meeting Date: 12/8/2015
District D
Item Creation Date: 11/25/2015
HCD15-84 Montrose Counseling Center, Inc.
Agenda Item#: 24.
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| | | | | | | | Summary:
ORDINANCE appropriating $2,500,000.00 from TIRZ Affordable Housing Fund; approving and authorizing Performance-Based Loan of the appropriated funds from the City of Houston to MONTROSE COUNSELING CENTER, INC to assist with construction of a 112 unit Multifamily Housing Community, to be located in the vicinity of 2222 Cleburne Street, in Houston, Texas, that will provide affordable housing to low income seniors - DISTRICT D - BOYKINS |
| | | | | | | | Background:
The Housing and Community Development Department (HCDD) recommends Council approve a $2,500,000 performance based loan of TIRZ funds to Montrose Counseling Center, Inc. for construction of a new multifamily apartment development for seniors to be located at 2222 Cleburne.
The development will have 112 units, with a mix of one-bedroom and two-bedroom floor plans, which will be available to low-income seniors. In exchange for the requested funds, the owner will restrict 112 units specifically to tenants earning at or below 60% of Area Median Income.
The development will include a 1,600-square-foot clinic for Legacy Community Healthcare which will have the capacity for two full-time medical specialists. Services will be available to residents as well as senior citizens in the neighborhood.
Montrose Counseling Center, Inc. was created in 1978 to provide outpatient mental health care services, substance abuse treatment, and case management services in the Houston area.
2222 Cleburne Development LLC, an affiliate of Covenant Community Capital, is the developer. Stephan Fairfield, a principal with Covenant, is a well-respected developer of affordable multifamily housing.
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Sources of Funds
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Uses of Funds
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Bank Loan (BBVA)
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$4,754,501
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Hard Costs
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$13,379,946
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Tax Credit
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6,375,451
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Soft Costs
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2,629,367
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Private Contributions
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5,000,000
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Reserves
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366,654
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HCDD - TIRZ
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2,500,000
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Developer Fee
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2,253,985
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Total
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$18,629,952
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Total
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$18,629,952
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This item was reviewed by the Housing and Community Affairs Committee on November 17, 2015. |
| | | | | | | | Amount of Funding:
$2,500,000.00 - TIRZ Affordable Housing Fund (2409) |
| | | | | | | | Contact Information:
Roxanne Lawson
832.394.6282 |
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