city of San Antonio


Share to Facebook Share to Twitter Bookmark and Share
File #: 18-6342   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 12/6/2018
Posting Language: Ordinance awarding $1,250,000.00 in FY 2019 HOME Investment Partnerships Program (HOME) funding and $3,250,000.00 in FY 2019 Community Development Block Grant (CDBG) funding as Affordable Rental Housing Development Gap Financing to the following affordable housing development projects: (1) up to $1,250,000.00 in HOME funding and up to $1,100,000.00 in CDBG funding to Alsbury Apartments; (2) up to $900,000.00 in CDBG funding to Village at Roosevelt; and (3) up to $1,250,000.00 in CDBG funding to Majestic Ranch Apartments; with a total of 30 HOME-assisted affordable housing units and 300 CDBG-assisted affordable housing units which exceeds the City's fiscal year 2019 performance goal of 111 affordable units for these funding sources. [Peter Zanoni, Deputy City Manager; Veronica Soto, Director, Neighborhood and Housing Services]
Attachments: 1. Fiscal Impact Form, 2. Funding Schedule - Rental Housing Development, 3. DRAFT Ordinance #18-6342, 4. Ordinance 2018-12-06-0971
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
DEPARTMENT: Neighborhood and Housing Services


DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director


COUNCIL DISTRICTS IMPACTED: Council Districts 2, 3, and 7


SUBJECT:

FY 2019 Rental Housing Development Gap Financing Funding Recommendations


SUMMARY:

Consideration of awarding $1,250,000.00 in FY 2019 HOME Investment Partnerships Program (HOME) funding and $3,250,000.00 in FY 2019 Community Development Block Grant (CDBG) funding as Rental Housing Development Gap Financing to the following affordable housing development projects: (1) up to $1,250,000.00 in HOME funding and $1,100,000.00 in CDBG funding to Alsbury Apartments; (2) up to $900,000.00 in CDBG funding to Village at Roosevelt; and (3) up to $1,250,000.00 in CDBG funding to Majestic Ranch Apartments; with a total count of 30 HOME-assisted units and 300 CDBG-assisted units which exceeds the City's fiscal year performance goal of 111 affordable units (at or below 60% of area median income) using the HUD income limits for the region.

BACKGROUND INFORMATION:

The City received an increase in entitlement funding for FY 2019 compared to FY 2018 and took a strategic approach in developing the FY 2019 Action Plan and Budget (Action Plan) to increase activities that further Priority 1 (Provide Decent Safe Affordable Housing) of the Five Year Consolidated Plan. On August 2, 2018, City Council approved the Action Plan and authorized a set aside of $1,250,000.00 in HOME funding for rental housing development (new construction or rehabilitation) and $3,250,000.00 in CDBG funding to support affordable housing development (acquisition, site clearance or pubic infrastructure). These federally sourced funds may only be utilized as gap financing and must be the last source of funding in the financing structure. Additionally, the Action Plan set a goal of 111 affordable housing units (at or below 60% of area median income) using the HUD income limits for the region.

ISSUE:

The City issued a Request for Applica...

Click here for full text