City of San Antonio - File #: 16-5851

• File #: 16-5851
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 12/8/2016
• Posting Language: An Ordinance authorizing awards of trust assistance from the San Antonio Housing Trust totaling $930,000.00 to support four affordable housing projects located in Council Districts 1, 2, and 7; authorizing the duly authorized, representatives of the San Antonio Housing Trust and the City Of San Antonio to execute any and all documents and agreements in connection with these transactions; appropriating funds; and providing for payment. [Peter Zanoni, Deputy City Manager; Bridgett White, Director, Planning and Community Development]

Date	Ver.	Action By	Action	Result
12/8/2016	1	City Council A Session	adopted	Pass

DEPARTMENT: Planning and Community Development


DEPARTMENT HEAD: Bridgett White, Director


COUNCIL DISTRICTS IMPACTED: Citywide


SUBJECT:
Approval of San Antonio Housing Trust Foundation Allocation of $1 million for four (4) Affordable Housing Projects


SUMMARY:
This resolution proposes that the San Antonio Housing Trust Foundation allocate a total of $1,000,000 for the following affordable housing developments:

* $450,000 loan to Alamo Community Group for the renovation of the 64-unit Calcasieu Apartments.
* $250,000 loan to NRP Group for the construction of the 324-unit Lord Road Apartments.
* $180,000 loan to Prospera for the renovation of the 30-unit Sutton Square Duplexes.
* $50,000 loan to Alamo Community Group for the renovation of the 136-unit Cypress Cove Apartments.


BACKGROUND:
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 and loan paybacks capitalize the funding rounds, which are held once the fund exceeds $1 million above the corpus. 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.

On September 29, 2016, City Council passed an Ordinance (No. 2016-09-29-0752) approving the San Antonio Housing Trust (SAHT) Resolution F0810-5A to initiate a Funding Round Request for Proposals (RFP) to make available $1,000,000 in Trust funds for disbursement as awards of Trust assistance for eligible projects. The RFP was conducted and six requests for funding were received by the deadline, at which time the SAHT Board and staff conducted a thorough review process.


ISSUE:
The approval of Trust funds for disbursement as awards of Trust assistance is consistent with the SAHT final rules and regulations and the City's policies and commitments to provide affordable housing opportunities while pursuing new sources of program support through the Tr...