Kerrville EIC directs staff to draft amendment to accelerate Habitat for Humanity payments and subordinate EIC lien to long-term deed restrictions

The Economic Improvement Corporation on March 17 voted unanimously to ask staff to draft an amendment to the economic development grant agreement with Habitat for Humanity that would (1) accelerate the second tranche of infrastructure reimbursement into the current fiscal year and (2) subordinate the EIC grant lien to two sets of deed restrictions that lock in long-term affordability for the Mariposa subdivision.

The motion came after Habitat representatives told the EIC that construction of public infrastructure for the Mariposa development is ahead of schedule and likely to be substantially complete by June. Mary Campana, executive director of Habitat for Humanity, said the organization has designed a faster-build product, “Habitat 2,” intended to be affordable to households at up to 80% of area median family income while remaining long-term income-restricted.

“Habitat 2 will be built with subcontractors. It’ll be faster and it will have volunteer support,” Campana said. She said the organization’s target sales price for…