PILLAR: Vibrant
AGENDA DATE: October 14, 2026
COUNCIL DISTRICT(S): 7
DEPARTMENT: Office of Housing and Community Empowerment
PRIORITY: N/A
______________________________________________________________________
SUBJECT
Title
A public hearing (1) to receive comments regarding an application by EC Carpenter’s Point, LLC and/or its affiliate(s) (collectively referred to as Applicant), to the Texas Department of Housing and Community Affairs (TDHCA) for 2026 4% Non-Competitive Low Income Housing Tax Credits for Carpenter’s Point, a 150-unit senior residential development for persons of low and moderate income to be located at 4645 Dolphin Rd., Dallas, Texas, 75223 (Project); and (2) pursuant to Section 394.9025 of the Texas Local Government Code regarding bonds to be issued by the City of Dallas Housing Finance Corporation to finance the Project; and, at the close of the public hearing, (3) authorize a Resolution of No Objection for Applicant, related to its upcoming application to the TDHCA for the Project - Financing: This action has no cost consideration to the City (see Fiscal Information)
*In alignment with Dallas Housing Resource Catalog.
Body
BACKGROUND
EC Carpenter’s Point, LLC, a Texas limited liability company, and/or its affiliate, submitted an application to the City of Dallas for a Resolution of No Objection (RONO) for its upcoming application to the Texas Department of Housing and Community Affairs (TDHCA) for 2026 4% Non-Competitive Housing Tax Credits (4% Housing Tax Credits). The 4% Housing Tax Credits will be used for the development of Carpenter’s Point, a 150-unit residential senior complex located at 4645 Dolphin Rd., Dallas, Texas, 75223 (Project).
A real estate purchase and sale agreement for the property on which the Project is located has been executed between the current property owner and the Applicant. TDHCA requires 4% Housing Tax Credit applicants to provide a RONO from the governing body of the jurisdiction in which the proposed development will be sited. As part of these TDHCA requirements, the governing body must also conduct a public hearing for citizens to provide comments on the proposed development. Once a resolution is adopted and submitted to TDHCA, it cannot be changed or withdrawn. This Project is located in City Council District 7.
The Applicant proposes to develop the Project as a rehabilitation senior rental development. A to-be-formed single asset entity or its affiliate with the Dallas Housing Finance Corporation (DHFC) as 100% owner, will be the managing member and ground lessor. The special limited member will be EC Carpenter’s Point SLM, LLC, a Texas limited liability company, which is 100% owned by a Texas limited liability company. Hunt Capital Partners Tax Credit Fund 51, LP, a to-be-formed limited partnership will be the investor member. Pursuant to Tex. Loc. Gov’t Code § 394.9025, the City Council must hold a public hearing before the DHFC may issue bonds to finance the Project.
The rehabilitation Project will include 150-units all of which will be reserved for seniors, all of which will be reserved for households earning at or below 60% of the Area Median Income (AMI). The unit mix includes 126 one-bedroom units and 24 two-bedroom units.
Resident Services:
All developments will offer the standard amenities and services required by TDHCA for all non-competitive LIHTC programs, including
• Monthly transportation to community/social events
• Minimum 4 hours/week organized onsite classes for adults (e.g., general education, English as a second language, financial literacy, etc.)
• Food pantry accessible to residents (on site or via on-request transportation)
• Annual health fair
• Case Management for elderly, disabled, or special needs tenants.
• Contracted on site occupational or physical therapy for elderly or disabled tenants.
• Weekly home chore and quarterly preventative maintenance for elderly or disabled tenants
Additionally, the Applicant will work with the Office of Emergency Management and Crisis Response throughout the planning and design process for security input, community activities, and incorporate best practices of Crime Prevention through Environmental Design.
Unit Amenities:
Unit amenities include on-site management/maintenance, fitness center, beauty/barber salon, library, clubhouse, shuffleboard, business center, elevator, barbeque/picnic area, controlled access, laundry facilities, community garden, gazebo, and a recreation room.
Total development costs are estimated to be approximately $46,812,393.00, which includes the acquisition price of the land. The building costs and site work are estimated to be approximately $8,348,250.00 which is $55,655.00 per unit.
|
Proposed Financing Sources |
Amount |
|
Permanent Financing |
$22,220,000.00 |
|
Tax Credit Equity |
$15,517,298.00 |
|
Interim Income |
$ 1,800,641.00 |
|
Deferred Developer Fee |
$ 1,617,978.00 |
|
Bond Reinvestment Income |
$ 1,906,476.00 |
|
Seller Note |
$ 3,750,000.00 |
|
Total |
$46,812,393.00 |
|
Proposed Uses |
Amount |
|
Acquisition Cost |
$24,257,500.00 |
|
Building Costs & Site Work |
$ 8,348,250.00 |
|
HC Contingency |
$ 804,075.00 |
|
Operating Reserve |
$ 1,185,631.00 |
|
Syndication Costs |
$ 80,000.00 |
|
Bond Interest |
$ 1,515,404.00 |
|
Real Estate & Mortgage Costs |
$ 3,585,193.00 |
|
Cost of Issuance |
$ 1,123,075.00 |
|
Soft Cost |
$ 647,025.00 |
|
Developer Fees |
$ 5,266,240.00 |
|
Total |
$46,812,393.00 |
This Project helps ensure that individuals and families from diverse backgrounds have access to a safe, quality, and affordable place to live while fostering inclusivity and creating a better quality of life, contributing to the overall growth of the area.
To receive a staff recommendation for a RONO, the Applicant must satisfy all threshold requirements listed in the Dallas Housing Resource Catalog and affirmatively further fair housing. The fair housing rating is neutral.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On April 12, 2023, the City Council adopted Dallas Housing Resource Catalog has approved programs, including multifamily rental development projects seeking Low Income Housing Tax Credits (“LIHTC”) from the Texas Department of Housing and Community Affairs (“TDHCA”) by Resolution No. 23-0444.
On April 22, 2026, the City Council authorized an amendment to the Dallas Housing Resource Catalog tax credit program by Resolution No. 26-0742.
On June 9, 2026, the Dallas Housing Finance Corporation authorized a preliminary inducement resolution declaring its intent to issue private activity bonds in an aggregate principal amount to not exceed $26,000,00.00 to finance a loan to a limited liability or a limited partnership formed by Applicant to provide financing for Carpenter’s Point and authorized the filing of an application for allocation of private activity bonds with the Texas Bond Review Board.
The Housing and Homelessness Solutions Committee was briefed by memorandum regarding this matter on September 22, 2026. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=15868146&GUID=3B214CAF-8704-4C45-99AE-BE1A12C92124>
FISCAL INFORMATION
This item has no cost consideration to the City. Another item will come before the City Council for approval pursuant to the Tax Equity and Fiscal Responsibility Act of 1982. The following is an estimate of the tax revenue the City of Dallas is projected to forgo. These projections are based on the current taxable value of the property. For DHFC projects, the values are calculated by DHFC staff at this time.
|
Actual Taxes |
|
Current Year |
Year 15 |
Year 30 |
|
$77,604.70 |
$1,443,344.53 |
$3,692,028.28 |
MAP
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