DEPARTMENT: Planning and Community Development
DEPARTMENT HEAD: Bridgett White, Interim Director
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT: San Antonio Housing Trust Briefing and Request to Authorize Call of Applications to Allocate $1 million for Affordable Housing Projects
SUMMARY:
Briefing and possible action authorizing the San Antonio Housing Trust (Trust) Board of Trustees to issue a Request for Applications (RFA) to allocate $1 million in available funding to eligible affordable housing development projects, as required by the Rules and Regulations of the Trust. The Trust has coordinated with the City of San Antonio Finance Department to determine the $1 million of funding from the Trust Corpus is available. The Trust also requests approval of the evaluation criteria for scoring affordable housing development projects as outlined in the Request for Applications.
BACKGROUND INFORMATION:
The City of San Antonio created the San Antonio Housing Trust Fund in 1988 with a corpus of $10 million. Interest earned from the $10 million corpus, loan repayments, and contributions from the Public Facilities Corporation/Finance Corporation capitalize the funding rounds, which are held once the fund exceeds $1 million above the corpus. A funding round in the amount of $1 million accompanies this item to be approved by the Housing Commission and City Council. The Housing Trust funds are used to maintain and promote decent and affordable housing and, when possible, maximize the investment of other public and private resources.
The purpose of the Trust is to assist with the City's revitalization strategy and provide funding support to residential projects, which may not be addressed by the standard HUD program funds due to eligibility requirements. The funds from the Trust are used to provide assistance to eligible programs and projects in the form of secured or unsecured grants; secured primary or secondary, interest-bearing or interest-free loans; matchin...
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