Reference No. CR-094-2022    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 10/24/2022
Introduced Date 9/6/2022 Public Hearing Date 10/11/2022 @ 10:00 AM
Effective date: 10/24/2022    
Title: A RESOLUTION CONCERNING HOUSING INVESTMENT TRUST FUND (“HIFT”) FOR HOUSING AND COMMUNITY DEVELOPMENT for the purpose of committing and allocating the Villas at Langley project, an eligible activity, the amount of two million dollars ($2,000,000) in Housing Investment Trust Fund (“HITF”) Program funds for gap financing of preservation of affordable housing.
Proposers/Sponsors: County Executive, Calvin S. Hawkins, Dannielle M. Glaros, Deni L. Taveras, Todd M. Turner, Johnathan M. Medlock, Mel Franklin
Attachments: 1. R2022094, 2. CR-094-2022 Attachment B, 3. CR-094-2022 AIS, 4. CR-094-2022 AIS, 5. CR-094-2022 Report, 6. CR-094-2022 PAFI, 7. CR-094-2022 Transmittal, 8. CR-094-2022 Presentation 10182022 COW
Related files: CR-093-2022
Contact: Pamela Wilson, Housing Development Program 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 Villas at Langley project, an eligible activity, the amount of two million dollars ($2,000,000) in Housing Investment Trust Fund (“HITF”) Program funds for gap financing of preservation of affordable housing.

 

Background

This Resolution 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 Villas at Langley project, an eligible activity, in the amount of two million dollars ($2,000,000). 

 

This Resolution will supersede and replace Council Resolution CR-099-2021, approved and adopted by the Prince George’s County Council on November 9, 2021, for the commitment of Housing Investment Trust Fund (“HITF”) to the Villas at Langley Project, in the amount of one million, two hundred eighty six thousand, five hundred sixty dollars ($1,286,560). 

 

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”).



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