PILLAR: Vibrant
AGENDA DATE: February 11, 2026
COUNCIL DISTRICT(S): 8
DEPARTMENT: Office of Housing and Community Empowerment
PRIORITY: N/A
______________________________________________________________________
SUBJECT
Title
A public hearing to receive comments (1) regarding an application by SL University Hills Partners, LP (Applicant), to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Non-Competitive Low Income Housing Tax Credits for University Hills, a 360-unit multifamily residential development for persons of low and moderate income to be located at the northwest corner of South Lancaster Road and East Wheatland Road, Dallas, Texas 75241(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 authorize a Resolution of No Objection for Applicant related to its application to TDHCA for the development of the Project - Financing: This action has no cost consideration to the City (see Fiscal Information)
*In alignment with Dallas Housing Resource Catalog.
Body
BACKGROUND
Streamline Advisory Partners, LLC, a Texas limited liability company authorized to transact business in the state of Texas and/or its affiliate(s) 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 2026 4% Non-Competitive Housing Tax Credits (4% Housing Tax Credits). The 4% Housing Tax Credits will be used for the development of University Hills, a 360-unit multifamily complex located at the northwest corner of South Lancaster Road and East Wheatland Road, Dallas, Texas 75241 (Project).
A Real Estate Purchase Agreement for the Property has been executed between the current owner of the Property and Streamline Advisory Partners, 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 Once a resolution is adopted and submitted to TDHCA, it cannot be changed or withdrawn.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 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 Texas Local. Government 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 360 garden-style units, all of which will be reserved for families earning no more than 60% of the Area Median Income (AMI). The unit mix includes 126 one-bedroom units, 162 two-bedroom units, and 72 three-bedroom units to accommodate different family sizes and needs.
All developments will offer the standard amenities and services required by TDHCA for all non-competitive LIHTC programs, including:
• Min. 12 hours/week organized on-site K-12 programming (e.g. tutoring, after school and summer care, etc.)
• Min. 4 hours/week organized onsite classes for adults (e.g., general education, English as a Second Language, financial literacy, etc.) Weekly financial literacy classes.
• Food pantry accessible to residents (on site or via on-request transportation).
• Annual health fair in addition, the community will provide free annual flu shots.
• Notary services for tenants.
• Min 2x/month arts, crafts, or other recreational activities (e.g., book club).
• Min 2x/month on-site social events (e.g., potlucks, holiday celebrations, etc.).
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.
Total development costs are estimated to be approximately $86,185,291.00, which includes the acquisition price for the land. The construction budget is estimated to be approximately $54,043,302.00, which is $150,120.28.00 per unit.
|
Proposed Financing Sources |
Amount |
|
Mortgage Loan |
$48,581,303.00 |
|
Housing Tax Credits Equity |
$32,892,471.00 |
|
Deferred Developer Fee |
$ 4,711,517.00 |
|
Total |
$86,185,291.00 |
|
Proposed Uses |
Amount |
|
Acquisition |
$ 4,750,000.00 |
|
Total Construction Costs |
$54,043,302.00 |
|
Financing Fees/Soft Costs |
$15,828,245.00 |
|
Reserves |
$ 1,500,000.00 |
|
Developer Fee |
$10,063,744.00 |
|
Total |
$86,185,291.00 |
This Project helps ensure that individuals and families from diverse backgrounds in South Central 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 Resource Catalog with 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 October 14, 2025, 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 $50,000,000.00 in private activity bonds to finance a loan to a limited liability company or a limited partnership formed by SL University Hills Partners, LP, to provide financing for University Hills 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 February 3, 2026. <https://cityofdallas.legistar.com/View.ashx?M=F&ID=15131297&GUID=E125C0C7-385D-4F0E-8710-1E5DB0A1A4DA>
The Housing and Homelessness Solutions Committee was briefed by memorandum regarding this matter on February 10, 2026. <https://dallascityhall.com/government/citymanager/Documents/Council%20Materials/26-320A.pdf>
FISCAL INFORMATION
This action has no cost consideration to the City. Another item will come before the City Council for approval in the form of a Tax Equity and Fiscal Responsibility Act of 1982 hearing. 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 |
Projected Taxes Foregone |
|
Development |
Current Year |
Year 15 |
Year 30 |
|
University Hills |
$2,941.67 |
$54,711.87 |
$139,951.17 |
MAP
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