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File #: 19-7977   
Type: Miscellaneous Item
In control: City Council A Session
On agenda: 11/14/2019
Posting Language: Ordinance approving the acceptance and appropriation of $6,230,000 from the Houston Street TIRZ, Inner City TIRZ, Midtown TIRZ, Mission Drive-In TIRZ, and Westside TIRZ to fund affordable housing projects and programs. [Lori Houston, Assistant City Manager; VerĂ³nica R. Soto, Director, Neighborhood and Housing Services]
Attachments: 1. Map - TIRZ Affordable Housing Strategy, 2. Draft Ordinance, 3. Affordable Housing Fund Schedule, 4. Ordinance 2019-11-14-0970
DEPARTMENT: Neighborhood and Housing Services


DEPARTMENT HEAD: Ver?nica R. Soto, AICP


COUNCIL DISTRICTS IMPACTED: 1, 2, 3, 4, and 5


SUBJECT:

An ordinance authorizing the acceptance and use of $6,230,000 from the Houston Street TIRZ, Inner City TIRZ, Midtown TIRZ, Mission Drive-In TIRZ, and Westside TIRZ to fund affordable housing projects and programs located in or out of the zones. The acceptance of $1,500,000 from the Westside TIRZ is contingent on Board approval.


SUMMARY:

City Council is being asked to consider an ordinance approving the acceptance and use of $6,230,000 from the following City-initiated Tax Increment Reinvestment Zones (TIRZs): Houston Street TIRZ, Inner City TIRZ, Midtown TIRZ, Mission Drive-In TIRZ, and Westside TIRZ. The acceptance of $1,500,000 from the Westside TIRZ is contingent on Board approval. The funds will be used in furtherance of programs or projects that encourage housing affordability throughout the City and/or assist in keeping vulnerable families in their homes per the FY2020 adopted budget.


BACKGROUND INFORMATION:

In order to support the FY2020 Affordable Housing Strategy, the City requested funding from City-initiated TIRZ Boards and received approval from each of the respective Boards for the following amounts:
* Houston Street TIRZ #9 $1,500,000
* Inner City TIRZ #11 $1,500,000
* Midtown TIRZ #31 $1,500,000
* Mission Drive-In TIRZ #32 $230,000
* Westside TIRZ #30 $1,500,000 (contingent on Board approval)

Funds from the above City-initiated TIRZs will be leveraged with funding from housing partners to support affordable housing production programs such as Single Family Infill Housing Program, property acquisition for single family construction, and gap financing for multi-family housing. The funds will also support the rehabilitation and preservation programs such as Single Family Rehabilitation Pilot Program, Minor Repair, and Under 1 Roof. The Tax Increment Financing (TIF) program is authorized ...

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