DEPARTMENT:
Neighborhood and Housing Services Department
DEPARTMENT HEAD:
Verónica R. Soto, AICP, Neighborhood and Housing Services Department Director
COUNCIL DISTRICTS IMPACTED:
Citywide
SUMMARY:
Briefing on the 2017-2022 Neighborhood Improvements Bond Program
BACKGROUND INFORMATION:
2017-2022 Neighborhood Improvements Bond Program
The 2017 Neighborhood Improvements Bond Program provides for the issuance of general obligation bonds to finance the cost of permitted activities as set forth in the Urban Renewal Plan. The $20 million program is one component of the $850 million Bond package approved by voters on May 6, 2017. Chapter 374 of the Texas Local Government Code, as amended (“Chapter 374”), required the identification of specific geographic areas where Bond funds can be spent; after a public hearing, twelve (12) areas were incorporated into an Urban Renewal Plan approved by City Council on February 2, 2017. The Urban Renewal Plan is the legal framework for activities conducted as part of the Neighborhood Improvements Bond. The Southeast Service Center property is within the City Council approved Southeast Neighborhood Improvement Area.
The Neighborhood Improvements Bond Program and this Project is in alignment with SA Tomorrow goals. The twelve eligible improvement areas identified in the City Council adopted Urban Renewal Plan were targeted using the SA Tomorrow goals and priorities.
ISSUE:
Staff briefing and update on the 2017-2022 Neighborhood Improvements Bond Program. City Council unanimously approved a third workforce housing development as part of the City’s housing bond program in October 2019, which brings more than 500 multi-family housing units into development.
The development of the units are expected to be completed by 2022, as part of the voter-approved affordable housing bond program. Nearly all of the units will be affordable to families at or below 80% of the Department of Housing and Urban Development (HUD) standard area median income (AMI) and more than three quarters will house families at or below 60% AMI.
ALTERNATIVES:
This item is for briefing purposes only.
FISCAL IMPACT:
There is no fiscal impact at this time.
RECOMMENDATION:
This item is for briefing purposes only.