HomeMy WebLinkAbout(P1) Legacy CDC Powerpoint (2)Affordable
Housing Update:
By: Vivian Ballou
Legacy has
been serving
Port Arthur for
15 years
Legacy CDC
Programs
•Homeownership Certification
•Homelessness Prevention
•Development of Affordable Housing
–New and Existing Single Family and Multi-Family
•Credit and Financial Counseling
•Tenant and Relocation Counseling
•Disaster Recovery (Owner-Occupied Rehab)
•Rental Assistance Programs
–Housing for People with HIV/AIDs (HOPWA)
–Tenant Based Rental Assistance (Rural and Small City)
•Social Services
–Food Distribution
–Donation Distribution
–Utility Assistance
•Grant Administration Services: Texas Dept of Agriculture (TDA), General Land Office (GLO), HUD and Texas Dept. of Housing and Community Affairs (TDHCA)
City of Port Arthur’s Consolidated Plan
The City of Port Arthur incorporated a
comprehensive citizen participation and
consultation process to inform its development of
the 5-Year Consolidated Plan. This process was
designed to ensure broad community engagement
and gather input on priority needs for housing and
community development. Key components of this
process included an online survey, public
engagement sessions with stakeholders, and a
public engagement session with residents.
Housing:
Affordable Housing and Rehabilitation:Respondents
emphasized the need for more affordable housing
options and resources for housing rehabilitation,
particularly for seniors and low-income families. Some
expressed the desire to rebuild neighborhoods by
replacing old or vacant houses.
Homeownership Assistance:There were requests for
more support for first-time homebuyers, including
increased financial assistance and programs to help
residents purchase and maintain homes.
Housing Needs Based
Upon HUD Data
Based on an analysis of HUD-provided data,
there is an estimated need for 8,114 units of
affordable rental housing for extremely low-
income and low-income households. There
is an estimated need for 1,154 single-family
homes to address overcrowding,
affordability, and rehabilitation needs of
very low-income homeowners.
DOWNTOWN
REDEVELOPMENT
Partnership between Legacy
CDC, Port Arthur EDC and
City of Port Arthur
Phase I: Build and sell 30
homes in the downtown
target area.
Phase II: Build and sell an
additional 30 homes
Why is the program needed?
What does the program provide?
Downpayment assistance to buyers
below 120% AMI
$30,000 in assistance is used to bridge the
gap between the cost to construct a
home and what a buyer can afford
The assistance may be used for closing
costs, down payment or interest buydown
How many can be assisted?
There is funding available to assist 24
homebuyers
Leveraged with dwindling City HOME and
CDBG funds
Income Limits by family size
Who Qualifies?
120%
AMI
1 2 3 4 5 6 7
Income $66,950 $76,500 $86,100 $95,650 $103,300 $110,950 $118,600
Wage increases from 2022 to 2025 are expected to be around 3.5% to 3.7% on
average, while minimum wages are increasing in many cities, counties, and
states
2022 With PAEDC
and City
Subsidy
2025 Without
PAEDC
subsidy
With PAEDC
subsidy
Overall price
increase
( with PAEDC
Subsidy )
Sales Price $169,000.00 Sales Price $189,000.00 $189,000.00 12%
Loan Amount $106,000. 00 Loan Amount $154,000.00 $124,000.00 17%
Insurance $129. 00 mo Insurance $189.00 mo $189.00 mo 46%
Taxes $368. 00 mo Taxes $382.00 mo $382.00 mo 3.8%
Note $1106.00 mo Note $1,624.70 mo $1353.00 mo 22%
Interest Rate 4.37 % Interest Rate 7% 7% 60%
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Downtown Redevelopment Program Extension
Legacy sought the PAEDC's Board approval to extend the Downtown Redevelopment Program in September 2024. Board approval was received.
Delayed-No City election in November 2024
The item was to be placed on the May 2025 ballot
The PAEDC recommendation was not approved by the City Council at the last Council Meeting
o Lost opportunity for citizens on the current waiting list
o Extended delay of the redevelopment activities
Seeking Council's advisement and commitment to place on the next ballot