Reference No. CR-019-2024    Draft No.
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 4/30/2024
Introduced Date 3/26/2024 Public Hearing Date 04/23/2024 @ 1:00 PM
Effective date: 4/30/2024    
Title: A RESOLUTION CONCERNING HOUSING INVESTMENT TRUST FUND (“HITF”) FOR HOUSING AND COMMUNITY DEVELOPMENT for the purpose of committing and allocating the amount of three million, five hundred thousand dollars ($3,500,000) in Prince George’s County Housing Investment Trust Fund (“HITF”) Program funds to The Cassidy project, an eligible activity, for gap financing of new affordable rental housing construction.
Proposers/Sponsors: County Executive, Jolene Ivey, Sydney J. Harrison, Calvin S. Hawkins, Thomas E. Dernoga, Ingrid S. Watson, Wanika Fisher
Attachments: 1. CR-019-2024 - signed, 2. CR-019-2024 Attachment B, 3. CR-019-2024 Summary, 4. CR-019-2024 Report, 5. CR-019-2024 PAFI, 6. CR-019-2024 Transmittal, 7. Cassidy Project Overview Presentation 04-23-2024 C.O.W.
Related files: CR-020-2024
Contact: Adedamola George, Esq., Chief Compliance and Program Manager, Department of Housing and Community Development

Title

A RESOLUTION CONCERNING HOUSING INVESTMENT TRUST FUND (“HITF”) FOR HOUSING AND COMMUNITY DEVELOPMENT for the purpose of committing and allocating the amount of three million, five hundred thousand dollars ($3,500,000) in Prince George’s County Housing Investment Trust Fund (“HITF”) Program funds to The Cassidy project, an eligible activity, for gap financing of new affordable rental housing construction.

 

Background

This legislation will approve and adopt the commitment and allocation of gap financing from the Prince George’s County Housing Investment Trust Fund (“HITF”) for Housing and Community Development to The Cassidy project, an eligible activity, in the amount of three million, five hundred thousand dollars ($3,500,000).

 

This Council enacted CB-21-2012, as amended in CB-57-2017, to establish the Housing Investment Trust Fund in Prince George’s County, which services as a vehicle to address foreclosures and allows Prince George’s County to provide financing for projects, including but not limited to housing counseling, rental, down payment and closing cost assistance for eligible persons to retain or purchase vacant, abandoned and foreclosed properties first time homebuyers, as well as Workforce Housing Gap Financing with an emphasis on supporting the development of new construction, rehabilitation and preservation of workforce and affordable housing while targeting households earning up to 120% of the area median income (AMI).

 



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