PILLAR: Vibrant
AGENDA DATE: June 24, 2026
COUNCIL DISTRICT(S): 3
DEPARTMENT: Office of Housing and Community Empowerment
PRIORITY: N/A
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SUBJECT
Title
Authorize the approval of the (1) City Council of the City of Dallas, to act as the applicable elected representative, as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended (Code), of the issuance of multifamily residential mortgage revenue bonds (Bonds) issued by the City of Dallas Housing Finance Corporation (DHFC or Issuer) in one or more series of tax-exempt bonds in an amount not to exceed $30,000,000.00; proceeds of the Bonds will be loaned to Huntington Place Senior Living Dallas, LP and/or its affiliate to finance a portion of the cost of the development of units for an affordable senior complex to be known as Huntington Place Senior Living Dallas, located at 1431 West Camp Wisdom Road, Dallas, Texas 75236 (Development); and (2) application of the Texas Housing Finance Corporations Act, Chapter 394 of the Texas Local Government Code, to the property on which the Development will be constructed and the use of the Bond proceeds to finance and construct the Development; a public hearing with respect to the Bonds and the Development - Financing: No cost consideration to the City
*In alignment with Dallas Housing Resource Catalog.
Body
BACKGROUND
Huntington Place Senior Living Dallas, LP, a Texas limited partnership, and/or its affiliate (collectively referred to as “Borrower”), submitted to the DHFC, a proposal for the development of Huntington Place Senior Living Dallas located at 1431 West Camp Wisdom Road, Dallas, Texas 75236 (Development) and subsequently enter into a long-term lease for the Development. The Borrower proposes to develop a high quality, senior residential community comprised of 210 units, to include 110 one-bedroom units and 100 two-bedroom units. Upon completion, the Development is anticipated to be entirely reserved for senior households (55 years of age or older) earning at or below 60% of the Area Median Income.
Total development costs are estimated to be approximately $48,422,933.00, which includes the acquisition price for the land. The construction budget is estimated to be approximately $28,084,150.00, which is $133,734.05 per unit.
The Development amenities include stainless steel appliances, wood-style flooring, spacious room plans, energy-star ceiling fans, large walk-in closets, granite countertops, private patios and balconies, 9-foot ceilings, walk-in showers, and community laundry rooms. The Development will offer a menu of community amenities such as health and wellness programs, educational services, transportation assistance, financial counseling, community-building activities, as well as access to food and nutrition programs, safety, and security.
On October 14, 2025, the DHFC authorized a preliminary inducement resolution declaring intent to issue $30,000,000.00 in private activity bonds for a loan to Borrower to provide financing for the Development. On March 9, 2026, the Texas Bond Review Board issued a bond reservation to the DHFC for the Development in an amount not to exceed $30,000,000.00.
Since the Development is located within the city of Dallas, Section 147 (f) of the Internal Revenue Code (Code) requires that in order for the Bonds to be tax exempt, the City Council, as the applicable elected representative of the City of Dallas, approve the DHFC’s issuance of the Bonds following a public hearing. Approval of the City is for the sole purpose of satisfying the conditions and requirements of Section 147(f) of the Code and is not to be construed as an undertaking by the City. That is, the Bonds are not issued by or on behalf of, the City.
Therefore, the Bonds shall not be a debt, liability, or an obligation of the City nor shall any of the City’s assets be pledged to pay the Bonds. The City’s name will not appear on the Bonds. City staff have not reviewed or approved any documents related to the Bond issuance or reviewed any credit issues regarding the Development. The Bonds shall specifically provide that the Bonds are not a debt of the City of Dallas, Dallas County or the State of Texas and that the City of Dallas, Dallas County and State of Texas are not liable with respect to the Bonds. The City of Dallas is not responsible for the payment of the Bond obligations or fulfilling DHFC’s authority under any documents related to the Development.
The Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing notice was published in the Dallas Morning News on April 1, 2026. On April 8, 2026, the public hearing was held with no outside participants in attendance, and thus, no comments made. Under applicable federal income tax law, the TEFRA approval may only be valid for a one-year term. It is anticipated that the tax-exempt bonds to fund a portion of the costs for the Development will close on or about August 6, 2026.
Additionally, under the Texas Housing Finance Corporations Act, Chapter 394 of the Texas Local Government Code, City of Dallas approval is required for the DHFC to issue bonds and to use bond proceeds to finance the construction and development of affordable housing.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On October 14, 2025, the DHFC authorized a preliminary inducement resolution declaring intent to issue $30,000,000.00 in private activity bonds for a loan to Borrower to provide financing for the Development.
The Housing and Homelessness Solutions Committee was briefed by memorandum regarding this matter on February 10, 2026. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=15174321&GUID=B93D3829-0BF9-4C3C-816E-1EE56CA62A13>
On February 11, 2026, the City Council issued a Resolution of No Objection to the Borrower’s submission to the Texas Department of Housing and Community Affairs for 4% Low-Income Housing Tax Credits for the Development by Resolution No. 26-0379.
FISCAL INFORMATION
No cost consideration to the City.
MAP
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