SUBJECT
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A Resolution of the City of Laredo, Texas, authorizing the City Manager to execute all necessary documents to purchase the Hamilton Apartments from Hamilton Housing Partners Ltd., A Texas limited partnership owned by the Laredo Housing Finance Corporation, its general partner. The property is located in Lot 1 and Lot 10, and the West 35.55 Feet of Lots 2 and 9, Block 73, Western Division, save and except those portions of Lots 1 and 2 described in volume 1527, page 134, real property records of Webb County, Texas, located at 815 Salinas Avenue, Laredo, Texas, and more particularly described and depicted in Exhibit "A." The purchase price is the existing balance of a HUD note, executed on November 17, 2016, under project no. 115-11250, with an original value of $6,375,500.00 and an approximate current balance of $5,300,000.00 which includes accrued interest and applicable penalties. This is a HUD-Financed Multifamily Project, and the note is subject to a U.S. Department of Housing and Urban Development (HUD) Regulatory Agreement for Multifamily Projects. Funding is available in the Capital Improvement Fund. Providing for an effective date.
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VIVA LAREDO PLAN ALIGNMENT
Alignment Rating: Strong
Supporting goal(s)/policy(ies):
Policy 7.6.1 - "Increase the supply of affordable housing options for low- and moderate-income households." (Viva Laredo Comprehensive Plan, p. 7.26)
Relevance: The purchase and continued operation of the Hamilton Apartments as affordable senior housing directly fulfills this policy by ensuring affordability and stability in the local housing supply.
Goal 7.6 - "Promote a variety of housing types and price levels to meet the needs of all households." (Viva Laredo Comprehensive Plan, p. 7.26)
Relevance: The action supports this goal by sustaining dedicated senior housing, expanding the diversity of housing types available in Laredo, and addressing a specific demographic need.
Policy 7.6.4 - "Support efforts to preserve exi...
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