PILLAR: Vibrant
AGENDA DATE: March 25, 2026
COUNCIL DISTRICT(S): 6
DEPARTMENT: Office of Government Affairs
PRIORITY: N/A
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SUBJECT
Title
Authorize the approval of the City Council of the City of Dallas, as the applicable elected representative as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended (the “Code”), of the issuance of mMultifamily rResidential mMortgage rRevenue bBonds Series 2025 issued by the Dallas Housing Authority (“DHA”) through its subsidiary, Housing Options, Inc., in one or more series of tax-exempt bonds in an amount not to exceed $9,888,000.00 $19,776,000.00 (collectively the “Bonds”); one or more proceeds of the Bonds will be loaned to (1) Lakewest Senior Housing I, LP in the amount of $9,888,000.00, with respect to Village at Lakewest I Apartments I; and (2) Lakewest Senior Housing II, LP in the amount of $9,888,000.00, with respect to Village at Lakewest I Apartments I II, to refinance a portion of the cost of the acquisition, rehabilitation and construction of units for an affordable multifamily complex to be known as Village at Lakewest I Apartments I, (Series 2008 located at 2696 Bickers Street, Dallas, Texas 75212) and Village at Lakewest II Apartments II, (Series 2008 located at 2680 Bickers Street, Dallas, Texas 75212) (“together, the “Developments”) - Financing: No cost consideration to the City
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BACKGROUND
Pursuant to Chapter 392 of the Texas Local Government Code, the DHA Dallas Housing Authority (DHA) may authorize the issuance of bonds in one or more series for a corporate purpose of the DHA, including the issuance of mortgage revenue bonds for the financing to finance Low-Income Housing Tax Credit (“LIHTC”) multifamily development projects. -The DHA, through its subsidiary, Housing Options, Inc. (collectively together, the “Issuer”), intends to issue its Multifamily Housing Mortgage Revenue Bonds (Village) Series 2025, in one or more series, in an amount not to exceed $19,776,000.00; proceeds of the Bonds will, be loaned to (1) Lakewest Senior Housing I, LP with respect to Village at Lakewest I Apartments I and (2) Lakewest Senior Housing II, LP (“The Borrower”) with respect to Village at Lakewest II Apartments II, in order to refinance a portion of the cost of the acquisition, rehabilitation and construction of the Developments.
This item was approved by Dallas City Council on December 10, 2025. The DHA may need to request an additional 90-day loan extension, which requires an updated TEFRA hearing and council approval.
Since the Developments is are located within the city of Dallas (“City”), Section 147(f) of the Code requires that the proposed bond issue be approved by the City Council, as the applicable elected representative of the City. 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 constitute a City liability, indebtedness, or obligation, nor shall any City 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 Developments. The Bonds shall specifically provide that the Bonds are not a debt of the City, Dallas County, or the State of Texas, and that the City, Dallas County, and State of Texas are not liable with respect to the Bonds. The City is not responsible for paying the Bond obligations or fulfilling DHA’s or the Issuer’s authority under any of the documents related to the Developments.
The Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing notice was published in the Dallas Morning News on January 19, 2026. On January 29, 2026, at 10:00 am, the public hearing was held with no outside participants in attendance, and thus no comments were provided. Under applicable federal income tax law, the TEFRA approval may only be valid for a one-year term.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 25, 2008, the City Council approved, for the purposes of Section 147(f) of the Internal Revenue Code, bond issuance to finance the Lakewest Senior Housing I, LP Project and Lakewest Senior Housing II, LP Project construction of Village at Lakewest Apartments I and the Village at Lakewest Apartments II, by Resolution No. 08-1893.
On December 10, 2025, the City Council approved, for purposes of Section 147(f) of the Code, bond issuance to refinance a portion of the costs for the acquisition, rehabilitation, and construction of the Village at Lakewest Apartments I and the Village at Lakewest Apartments II, by Resolution No. 25-1894.
FISCAL INFORMATION
No cost consideration to the City.
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