Reference No. CR-089-2021    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body Sitting as the Committee of the Whole
Meeting Date 10/14/2021
Introduced Date 9/14/2021 Public Hearing Date 10/12/21 @ 10:00 AM
Effective date: 10/26/2021    
Title: A RESOLUTION CONCERNING HOUSING INVESTMENT TRUST FUND (“HIFT”) FOR HOUSING AND COMMUNITY DEVELOPMENT for the purpose of committing and allocating the Hamilton Manor project, an eligible activity not originally funded, the amount of One million dollars ($1,000,000) in Housing Investment Trust Fund (“HITF”) Program funds for gap financing of preservation of affordable housing.
Proposers/Sponsors: County Executive, Calvin S. Hawkins, Deni L. Taveras, Dannielle M. Glaros, Todd M. Turner, Derrick Leon Davis, Sydney J. Harrison
Code sections: 10-295 - , 10-297 - , 10-298 - , 10-299 -
Attachments: 1. R2021089, 2. CR-089-2021 AIS, 3. CR-089-2021 Transmittal Letter, 4. CR-089-2021 Report, 5. CR-089-2021 PAFI, 6. CR-089-2021 OOL Comments
Related files: CR-088-2021
Contact: Shirley E. Grant, Community Services Manager Department of Housing and Community Development

Title

A RESOLUTION CONCERNING HOUSING INVESTMENT TRUST FUND (“HIFT”) FOR HOUSING AND COMMUNITY DEVELOPMENT for the purpose of committing and allocating the Hamilton Manor project, an eligible activity not originally funded, the amount of One million dollars ($1,000,000) in Housing Investment Trust Fund (“HITF”) Program funds for gap financing of preservation of affordable housing.

 

Background

This Resolution is 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 Hamilton Manor project, an eligible activity, in the amount of One million dollars ($1,000,000).

 

The Council enacted CB-021-2012, as amended in CB-057-2017, to establish the Housing Investment Trust Fund in Prince George’s County, which serves 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, and 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”).

 

This Resolution requires at least one (1) public hearing consistent with the County’s FY 2021-2025 Citizen Participation Plan, as described in the County’s FY 2021-2025 Consolidated Plan, as amended.



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