MT Resident

Houston Housing Authority Board of Commissioners on June 14, 2022 passed Resolution 3460. The related Memorandum reads in part: "SUBJECT: CONSIDERATION AND/OR TAKE ACTION TO AUTHORIZE THE PRESIDENT & CEO OR DESIGNEE TO FACILITATE THE ACQUISITION OF THAT CERTAIN PARCEL OF LAND LOCATED AT OR ABOUT 15635 MEMORIAL DR, HOUSTON, TEXAS 77070, THE CONSTRUCTION AND DEVELOPMENT OF THE 334-UNIT CAROLINE AT MEMORIAL THEREUPON, AND THE EXECUTION OF ALL REQUIRED DOCUMENTS THEREFOR. DATE: JUNE 1, 2022 This memorandum recommends that the Houston Housing Authority Board of Commissioners authorize the President & CEO or designee to take all actions necessary or convenient to facilitate the acquisition of that certain parcel of land located at or about 15635 Memorial Dr., Houston, Texas 77079, the construction and development of the 334-unit Caroline at Memorial (the "Project") thereupon, and the execution of all required documents therefor. BACKGROUND: The Authority has created Lakeside Place PFC ("PFC") to assist in the development of certain multifamily housing developments such as the Project. The Authority desires for the PFC to purchase the Project. The PFC and Caroline at Memorial Owner, LLC, a Delaware limited liability company (the "Owner") will enter into a lease agreement (the "Lease Agreement") granting site control of the Project to the Owner. Pursuant to the terms of the Lease Agreement and regulatory agreement recorded against the property upon which the Project is constructed, no less than 50% of the units in the Project will be reserved for or occupied by individuals or families earning less than 80% of area median income.