DEPARTMENT: Neighborhood and Housing Services
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: City wide
SUBJECT:
FY 2019 Homeownership Housing Development Gap Financing and Community Housing Development Organizations Operating Expense Funding Recommendations
SUMMARY:
Consideration of an ordinance awarding up to $1,250,000.00 in FY 2019 HOME Investment Partnerships Program (HOME) funding and up to $1,750,000.00 in FY 2019 Community Development Block Grant (CDBG) funding as Homeownership Housing Development Gap Financing to Habitat for Humanity of San Antonio for the Watson Road Development, a 53 to 61 unit single-family development located at 13801 Watson Road, in Council District 4; which exceeds the City's fiscal year performance goal of 25 affordable homeownership housing units (at or below 80% of area median income) using the HUD income limits for the region; in addition, awarding up to $75,000.00 in FY 2019 HOME Community Housing Development Organization (CHDO) Operating Expense funding to the following CHDOs: up to $53,500.00 to Habitat for Humanity of San Antonio and up to $21,500.00 to Our Casas Resident Council.
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 homeownership housing development (new construction or rehabilitation) and $1,750,000.00 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. The Action Plan set a goa...
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