Partnership with my city

[Jason L.]

My name is Jason and I'm in the beginning stages of partnering with the City of Amarillo, TX to construct multifamily homes for low to moderate income families. Partnering with the City using my VA Loan and HUD funds, they will reimburse up to 50% of construction cost (hard and soft). Partnering with the city on a project like this requires me to rent to low to moderate income families for 20 years and keep the property up to HUD/City codes. In constructing the first duplex or triplex I will occupy one and rent out the others, the city will not reimburse anything for the one I occupy. I currently have 2 acres of land to begin this project within city limits, I'm now working with builders to receive 3 bids to satisfy the City/HUD requirement for bids. Once my plan is approved by the city they will start reimbursing the builder at each phase of the project. Once the duplex or triplex is complete, I will use the equity from the city's reimbursement to continue the development of the acreage, most likely 4-plexes.

My question to you, with you knowing very little about the the City's program is, what are somethings I should consider for construction. I already have my own plans but they will need some adjusting based on square footage and layout I would like. I'm open to any other suggestions or questions you may have.