Reference No. CR-046-2023    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 6/13/2023
Introduced Date 5/16/2023 Public Hearing Date 06/13/2023 @ 1:30 PM
Effective date: 6/20/2023    
Title: A RESOLUTION CONCERNING HOUSING INVESTMENT TRUST FUND (“HITF”) FOR HOUSING AND COMMUNITY DEVELOPMENT for the purpose of committing and allocating the amount of two million, five hundred thousand dollars ($2,500,000) in Prince George’s County Housing Investment Trust Fund (“HITF”) Program funds to the Cottage City Towers project, an eligible activity, for gap financing necessary for the preservation of affordable housing.
Proposers/Sponsors: County Executive, Thomas E. Dernoga, Ingrid S. Watson, Jolene Ivey, Sydney J. Harrison, Calvin S. Hawkins, Mel Franklin, Eric C. Olson, Wanika Fisher
Code sections: 10-298 -
Attachments: 1. CR-046-2023 - signed, 2. CR-046-2023 Attachment B, 3. CR-046-2023 Summary, 4. CR-046-2023 Report, 5. CR-046-2023 PAFI, 6. CR-046-2023 Transmittal, 7. CR-046-2023 Presentation 06.13.23 COW
Related files: CR-041-2023
Contact: Adedamola George, Senior Compliance 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 two million, five hundred thousand dollars ($2,500,000) in Prince George’s County Housing Investment Trust Fund (“HITF”) Program funds to the Cottage City Towers project, an eligible activity, for gap financing necessary for the preservation of affordable housing.

 

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 Cottage City Towers project, an eligible activity, in the amount of two million, five hundred thousand dollars ($2,500,000).

 

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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