Item Description:
title
Neg 1 award modification to assign 2023 HUD HOME award to TTT Housing, LLC, amend and restate related documents, no change to NTE or term
end
Resolution:
body
BE IT RESOLVED, that the County Administrator be authorized to negotiate a modification to the 2023 HUD HOME Investment Partnerships Program award to Common Bond Communities for the Melrose Commons project in Medina (Agreement PR00005265, Resolution 23-0175), assigning the award to TTT Housing, LLC, or an affiliated entity, with no change to the not to exceed amount of $980,000, and no change to the contract period of July 1, 2023 through June 30, 2068; that following review and approval by the County Attorney's Office, the Chair of the Board be authorized to sign the agreement and other necessary documents on behalf of the county; and that the Controller be authorized to disburse funds as directed.
end
Background:
Resolution 23-0175 (adopted May 16, 2023) approved the 2023 U.S. Department of Housing and Urban Development (HUD) Annual Action Plan and awarded $980,000 in HOME Investment Partnerships Program (HOME) funding to Common Bond Communities for the Melrose Commons project in Medina (Agreement PR00005265). Since that time, Common Bond Communities has transferred the project to a new entity, TTT Housing, LLC.
TTT Housing will maintain the original funding structure and affordable unit composition. Approving this assignment allows the project to remain on track to create affordable housing in Medina under an established local developer-owner.
Current Request: This request is for authorization to modify the 2023 HOME award for Melrose Commons and assign the award to TTT Housing, LLC, with no change to the not to exceed amount of $980,000, and no change to the contract period of July 1, 2023 through June 30, 2068.
Impact/Outcomes: This action will support a total of 50 units of affordable housing, 15 of which will be for households at or below 30 percent of the area medi...
Click here for full text