STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 24, 2021
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
Title
A public hearing to receive comments regarding an application by TX Westmoreland 2020, Ltd. to the Texas Department of Housing and Community Affairs (TDHCA) for the 2021 4% Non-Competitive Housing Tax Credits for Westmoreland Station located at 2700 South Westmoreland Drive; and, at the close of the public hearing, authorize (1) a Resolution of No Objection for TX Westmoreland 2020, Ltd. or its affiliate, related to its application to TDHCA for the acquisition and new construction of improvements to be known as Westmoreland Station; and (2) HOME Investment Partnerships Funds (HOME) and Community Development Block Grant Funds (CDBG) development loan agreements and security documents in an amount not to exceed $3,000,000.00 in CDBG funds and $5,000,000.00 in HOME funds with TX Westmoreland 2020, Ltd., or an affiliate thereof, and City of Dallas Housing Finance Corporation, or an affiliate thereof (DHFC), conditioned upon TX Westmoreland 2020, Ltd. receiving a 2021 4% Housing Tax Credit award, for which the DHFC shall purchase and own the land, enter into a long-term ground lease with TX Westmoreland 2020, Ltd., and take an ownership interest in TX Westmoreland 2020, Ltd. for the development of a mixed-income multifamily complex located at 2700 South Westmoreland Drive - Total not to exceed $8,000,000.00 - Financing: HOME Funds ($5,000,000.00) and Community Development Block Grant Funds ($3,000,000.00)
Body
BACKGROUND
Resolutions of No Objection from the governing body of a municipality for the 4% Housing Tax Credit Program are required for the development to move forward with TDHCA. In compliance with the Qualified Allocation Plan issued by the TDHCA and the Texas Government...
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