Prince George's County Council - Reference No. CR-089-2021

• 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 -
• Related files: CR-088-2021
• Contact: Shirley E. Grant, Community Services Manager Department of Housing and Community Development

Date	Ver.	Action By	Action	Result
10/26/2021	1	County Council	adopted	Pass
10/14/2021	1	Sitting as the Committee of the Whole
10/12/2021	1	County Council	public hearing held
9/14/2021	1	County Council	introduced and referred

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.