DEPARTMENT: Neighborhood & Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, FAICP
COUNCIL DISTRICTS IMPACTED: Citywide
SUBJECT:
Staff briefing, discussion, and possible action on the development of the proposed 2022-2027 Housing Bond.
SUMMARY:
A staff briefing and possible action on the development of the proposed 2022-2027 Housing Bond, to include draft staff recommendation on funding categories for consideration and discussion related to the Mayor's request for the Housing Commission to develop an evaluation framework screening tool to aid with the selection of future housing bond projects.
BACKGROUND INFORMATION:
2017-2022 Neighborhood Improvements Bond Program
To date, City Council unanimously approved four (4) affordable housing developments, which brings nearly 600 brand new multi-family housing units into development.
Most of the units are expected to be completed by 2022. 580 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. 50 of the units have been set aside for families at or below 30% AMI.
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 S...
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