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 Tabor Village Limited Partnership, and/or its affiliate(s) (collectively referred to as Applicant) to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Non-Competitive Low Income Housing Tax Credits (4% Housing Tax Credits) for Tabor Village a 229-unit multifamily residential development for persons of low and moderate income to be located at 6200 Baraboo Drive, Dallas, Texas 75241 (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 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
Tabor Village Limited Partnership, a Texas limited partnership, and/or its affiliate(s) (collectively referred to as Applicant) submitted an application to the City for a Resolution of No Objection (RONO) for its application to TDHCA for 2025, 4% Non-Competitive Housing Tax Credits (4% Housing Tax Credits). The 4% Housing Tax Credits will be used for a construction of 229-unit, senior residential development called the Tabor Village, located at 6200 Baraboo Drive, Dallas, Texas 75241 (Project). A title commitment was presented by 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 Once a resolution is adopted and submitted to TDHCA, it cannot be changed or withdrawn.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 Applicant, was listed as the second largest developer of affordable housing in the United States by Affordable Housing Finance in their annual Top 50 Developers List for 2023. The Applicant is known for providing high-quality, sustainable, and affordable homes for low-income individuals, seniors, and families across the country. 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. 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 Applicant, proposes to acquire the vacant land and construct 229 units, comprising 97 one-bedroom and 132 two-bedroom units. The Project adheres to the current zoning of MF-2(A) and will include a swimming pool, resident garden, a dog park, a fitness center, laundry facility, balconies/patios, and Energy Star Appliances. The two-story apartment building with elevator access and enclosed hallways for seniors (55+) will be built on 19.94 acres of land. The Project will include 35 units (15%) at or below 50% Area Median Income (AMI), 171 units (75%) at or below 60% AMI, and 23 units (10%) at market rate. The Project has easy access to the public transit/ bus route adjacent to Highland Hills Branch Library, 0.4-mile walk to the full-scale grocery store, and 0.5-mile walk to Judge Charles R. Rose Community Park. The Project is currently zoned for MF2 (A), allowing multifamily use by right.
Resident Services:
Supportive services will be provided on-site, free of charge, in partnership with Community Housing Resource Partners, with a focus on services that best serve the needs of senior residents.
Unit Amenities:
Swimming pool, resident gardens, dog park, fitness center, in-unit laundry facilities, balconies/patios, and Energy Star appliances.
Total development costs are estimated to be approximately $67,905,462.00, which includes the acquisition price for the land. The construction budget is estimated to be approximately $44,188,028.57, which is $192,960.82 per unit.
|
Proposed Financing Sources |
Amount |
|
Permanent Financing |
$35,590,000.00 |
|
Tax Credit Equity |
$23,576,028.00 |
|
Cash Flow During Construction |
$ 2,806,959.16 |
|
Reinvestment Proceeds |
$ 786,253.00 |
|
Deferred Developer Fee |
$ 5,146,121.64 |
|
GC Capital Contribution |
$ 100.00 |
|
Total |
$67,905,461.80 |
|
Proposed Uses |
Amount |
|
Land Acquisition |
$ 2,525,000.00 |
|
Construction Hard Costs |
$44,188,028.57 |
|
Project Soft Costs |
$ 2,228,500.00 |
|
Tax Credit Fees |
$ 292,762.11 |
|
Bond Costs |
$ 659,575.00 |
|
Equity Bridge Loan Costs & Reserve |
$ 1,956,245.48 |
|
Construction Loan Costs & Reserve |
$ 6,731,599.62 |
|
Permanent Loan Costs |
$ 110,000.00 |
|
Closing Costs |
$ 168,975.00 |
|
Escrows and Reserves |
$ 1,217,885.21 |
|
Developer Fee + LACCM Fee |
$ 7,826,890.81 |
|
Total |
$67,905,461.80 |
This Project is located in Council District 8. While the project is not located in a Racially/Ethnically Concentrated Area of Poverty (R/ECAP), it is situated in a census tract with a poverty rate of 35.8% and therefore, the City Council, as the Governing Body, must vote to specifically approve the construction of the Project and authorize the allocation of Housing Tax Credits. In addition to providing senior housing, the Project will help transform a currently blighted lot into newly constructed, high-quality mixed income housing.
This Project underwent a more comprehensive review by Fair Housing and staff from the Office of Housing & Community Empowerment, due to its location within a high-poverty census tract. In collaboration with the developer, the project scope has been expanded to include market-rate units, which are expected to attract a more economically diverse population to the area. Additionally, the development is specifically targeted to serve senior residents, a population that is currently not being served by existing housing options in the area. Based on these key considerations, promoting mixed-income housing, eliminating blight, and addressing the needs of seniors, staff recommends supporting Tabor Village.
To receive a staff recommendation for a RONO, the Applicant must satisfy all threshold and rehabilitation requirements and affirmatively further fair housing. The Office of Fair Housing reviewed the application and found that the Project aligns with the Fair Housing Assessment. However, Fair Housing recommended additional improvements to increase access to fair housing, including recommending that the Project include mixed income units. In collaboration with the developer, the Project scope has been expanded to include market-rate units, which are expected to attract a more economically diverse population to the area.
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 to include the Low Income Housing Tax Credit program for development of multifamily housing by Resolution No. 23-0444.
On February 11, 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 $38,000,000.00 to finance a loan to a limited liability company or a limited partnership formed by Lincoln Avenue Capital, LLC, to provide financing for Tabor Village 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=14878101&GUID=06E119AE-8E9D-4995-997D-9E5811D426E0>
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=14898957&GUID=F43C10EF-3580-484D-BCE7-244CD7C8B021>
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 $ 1,348.96
Year 15 $25,089.19
Year 30 $64,177.33
Projected Taxes Foregone:
Year 15 $ 4,484,751.00
Year 30 $11,471,847.00
MAP
Attached