PILLAR: Vibrant
AGENDA DATE: November 12, 2025
COUNCIL DISTRICT(S): 8
DEPARTMENT: Office of Housing and Community Empowerment
PRIORITY: Neighborhood Revitalization
______________________________________________________________________
SUBJECT
Title
A public hearing to receive comments (1) regarding an application by JPI Affordable Acquisition, LLC (Applicant), to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Non-Competitive Low Income Housing Tax Credits for Torrington Forest, a 248-unit multifamily residential development for persons of low and moderate income to be located at 7100 South Great Trinity Forest Way, Dallas, Texas 75217 (Project); (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; and (3) authorize a Resolution of No Objection for Applicant, acknowledging the One Mile Three Year Rule, and the Project’s location in a census tract with more than twenty percent Housing Tax Credit units per total households, related to its application to TDHCA for the development of the Project - Financing: No cost consideration to the City (see Fiscal Information)
*In alignment with Dallas Housing Policy 2033.
Body
BACKGROUND
JPI Affordable Acquisition, LLC, a Delaware limited liability company authorized to transact business in the state of Texas submitted an application to the City of Dallas for a Resolution of No Objection (RONO) for its application to Texas Department of Housing and Community Affairs (TDHCA) for 2025 4% Non-Competitive Housing Tax Credits (4% Housing Tax Credits). The 4% Housing Tax Credits will be used for the development of Torrington Forest, a 248-unit multifamily complex Project.
A Real Estate Purchase Agreement for the Property has been executed between the current owner of the Property and TDI Affordable Acquisition, LLC, an affiliate of 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 Once a resolution is adopted and submitted to TDHCA, it cannot be changed or withdrawn.
The Project is located in a census tract with more than twenty percent Housing Tax Credit units per total households as established by the five year American Community Survey. Pursuant to 10 Tex. Admin. Code § 11.3(e), the City Council, as the governing body of the municipality containing the Project, must adopt a resolution that it has no objection to the Applicant’s application. This Project is located in Council District 8 and is not a Racially/Ethnically Concentrated Area of Poverty (R/ECAP); therefore, City staff support a RONO acknowledging the Project’s location.
The Project is also located within one linear mile of another development serving the same target population, which received a Housing Tax Credit allocation in the three year period preceding the date the TDHCA application round began. Pursuant to Tex. Gov’t. Code § 2306.6703(a) and 10 Tex. Admin. Code § 11.3(d), the City Council, as the governing body of the local government where the Project is to be located, must by vote specifically allow the construction of the Project and authorize the allocation of Housing Tax Credits.
The Applicant proposes to develop the Project as a new construction multifamily 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 general partner. The special limited partner will be a to-be-formed limited liability company (or its affiliate), which is 100% owned by a Texas limited liability company. An amended and restated agreement of limited partnership will be executed to admit the tax credit equity investor as investor member once identified. 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 new construction project will include 248 garden-style units, all of which will be reserved for families earning no more than 80% of the Area Median Income (AMI). The Project affordability mix is 13 (5%) units reserved for households earning at or below 50% of AMI, 222 (90%) units reserved for households earning at or below 60% of AMI, and 13 (5%) units reserved for households earning at or below 70% of AMI. The unit mix includes, 72 one-bedroom units, 120 two-bedroom units, and 56 three- and four-bedroom units to accommodate different family sizes and needs.
Resident Services:
Include health and wellness programs, educational services, transportation assistance, financial counseling, community-building activities, access to food and nutrition programs, and on-site safety and security.
Unit Amenities:
Include stainless steel appliances, wood-style flooring, spacious floor plans, water-efficient faucets, energy-star ceiling fans, upgraded lighting fixtures, large walk-in closets, granite countertops, private patios & balconies, 9-foot ceilings, walk-in showers, and community laundry rooms.
Total development costs are estimated to be approximately $72,110,523.00, which includes the acquisition price for the land. The construction budget is estimated to be approximately $42,638,296.00, which is $171,928.61 per unit.
|
Proposed Financing Sources |
Amount |
|
Permanent Financing |
$ 37,135,651.00 |
|
Tax Credit Equity |
$ 27,736,481.00 |
|
Net Operating Income |
$ 500,000.00 |
|
Other/Sponsor Loan |
$ 750,000.00 |
|
Deferred Developer Fee |
$ 5,988,391.00 |
|
Total |
$ 72,110,523.00 |
|
Proposed Uses |
Amount |
|
Acquisition Cost |
$ 2,165,726.00 |
|
Construction Contract |
$ 44,897,809.00 |
|
Construction Contingency |
$ 2,387,392.00 |
|
Soft Costs |
$ 1,792,434.00 |
|
Financing Costs |
$ 3,747,104.00 |
|
Furniture, Fixtures & Equipment |
$ 460,824.00 |
|
Predevelopment |
$ 317,100.00 |
|
Title Insurance |
$ 210,000.00 |
|
Reserves |
$ 6,310,000.00 |
|
Operating Deficit |
$ 1,398,000.00 |
|
Developer Fee |
$ 8,424,134.00 |
|
Total |
$ 72,110,523.00 |
This Project helps ensure that individuals and families from diverse backgrounds in Southeast Dallas 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 and affirmatively further fair housing.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On April 12, 2023, the City Council adopted the Dallas Housing Policy 2033 (“DHP33”) by Resolution No. 23-0443, and the 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 August 27, 2024, the Dallas Housing Finance Corporation authorized a preliminary inducement resolution declaring its intent to issue private activity bonds in an aggregate principal amount not to exceed $40,000,000.00 in private activity bonds to finance a loan to a limited liability company or a limited partnership formed by JPI Affordable Acquisition, LLC, to provide financing for Torrington Forest 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 January 28, 2025. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=13698061&GUID=B5BB1301-54AB-473F-AAA8-289B5FE74186>
The Housing and Homelessness Solutions Committee was briefed by memorandum regarding this matter on October 21, 2025. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=14877978&GUID=AB5DAF3E-EC16-4866-8CB1-F418FC4E7342>
The Housing and Homelessness Solutions Committee was briefed by memorandum regarding this matter on November 4, 2025. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=14898958&GUID=0F97361C-169C-4554-B2D4-5E3C2AC2D919>
FISCAL INFORMATION
No cost consideration to the City. 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, the anticipated value of the project upon completion, and the expected taxes on the future assessed value. For DHFC projects, the values are calculated by DHFC staff at this time.
Actual Taxes:
Current Year $ 1,598.40
Year 15 $29,728.50
Year 30 $76,044.54
Projected Taxes Foregone:
Year 15 $ 4,278,468.00
Year 30 $34,710,619.00
MAP
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