LULAC Oak Hill Apartments Section 108 Loan Application

1. April 22, 2021

2. Project Location
1105 Anderson

3. Photos

4. Section 108 Loan Request
Expense Amount
Construction $1,941,243
Professional Fees $596,775
Other Soft Costs $145,000
Temporary Relocation Expenses $75,000
Developer Fee $50,000
Total Project Costs $2,808,018

5. Next Steps
 Pre-submission & Citizen Participation
 Application Submission
 HUD Review
 HUD Approval
 Environmental Review
 Development of Financing Documents
 Revision of Financing Documents
 Guaranteed Loan Closing
 Community Advances Funds
 Timeframe 5 – 7 months

6. Considerations:
 City Council adopts a resolution authorizing the
submission to HUD of a Section 108 Loan
application for CDBG funding to complete a full
rehabilitation of the LULAC Oak Hill apartments.
 2% application fee of approximately $56,000 and
annual interest payment will be paid from the
City’s CDBG annual allocation.
 Loan to LULAC Oak Hill will be 0% interest with
monthly principal payments

7. Questions
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Direction