ORDINANCE NO. 260836
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Sponsor: Director of Housing and Community Development Department
Accepting the recommendation of the Housing Trust Fund Advisory Board for additional funding in the amount of $1,345,000.00 to the Mohawk at 15th Street project; appropriating $1,345,000.00 from the Unappropriated Fund Balance of the Housing Trust Fund, Fund No. 2490; authorizing the Manager of Procurement Services to execute the necessary documents to amend the funding agreements and expend up to $1,345,000.00 from the funds appropriated in the Housing Trust Fund; and designating requisitioning authority.
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WHEREAS, on December 16, 2024, the Housing Trust Fund Board adopted a Budget Modification Policy in response to increased construction costs, materials and trade labor with no change to scope and design allowing previously awarded projects to make additional funds requests; and
WHEREAS, Grayson Capital, LLC, proposed the development of Mohawk at 15th Street, located at 1531 Holmes Road, for the new construction of one-hundred ninety (190) total units, of which thirty-eight (38) will be low-income; and
WHEREAS, Mohawk at 15th was awarded $925,000.00 through Ordinance No. 240811 under Round 4 of the Housing Trust Fund program to support the development of Mohawk at 15th Street; and
WHEREAS, the Developer subsequently identified a need for additional funding due to increases in construction costs, materials and trade labor and the Housing Trust Fund Board voted unanimously on August 24, 2026, to grant this additional funding request to the Developer; and
WHEREAS, the Mohawk at 15th project submitted a subsequent Budget Modification Request under the established Board policy to offset construction costs, materials and trade labor with the project; and
WHEREAS, the Housing Trust Fund Board unanimously recommended the approval of the Budget Modification request, providing an additional $1,345,000.00 for the project; and
WHEREAS, the Housing Trust Fund Board d...
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