PILLAR: Vibrant
AGENDA DATE: February 11, 2026
COUNCIL DISTRICT(S): 3
DEPARTMENT: Office of Housing and Community Empowerment
PRIORITY: N/A
______________________________________________________________________
SUBJECT
Title
Authorize (1) the adoption of a Resolution of Support for Albatross Development, LLC and/or its affiliate(s) (collectively referred to as Applicant), related to its application to the Texas Department of Housing and Community Affairs for 9% Competitive Low Income Housing Tax Credits for the development The Eleanor to be located at 7030 West Wheatland Road, Dallas, Texas 75249 (Project); and (2) an agreement with the Applicant for a line of credit in the amount of $500.00 for the proposed multifamily development of the Project - Not to exceed $500.00 - Financing: General Fund
*In alignment with Dallas Housing Resource Catalog.
Body
BACKGROUND
Albatross Development, LLC, Inc. and/or their affiliate(s) (collectively referred to as Applicant) submitted a pre-application to the Texas Department of Housing and Community Affairs (TDHCA) for 2026 Competitive 9% Low Income Housing Tax Credits (9% HTC) for the development of The Eleanor, a ground-up development of a 76-unit mixed-income senior multifamily complex located at Project. The Applicant has site control of the property and may assign the purchase contract to an affiliate entity.
In the administration of its 9% HTC Program, TDHCA awards application points for a resolution from a governing body of a local municipality on the following basis:
Within a municipality, the application will receive:
§ 17 points for a resolution from the governing body of that municipality expressly setting forth that the municipality supports (Resolution of Support) the application or development; or
§ 14 points for a resolution from the governing body of that municipality expressly setting forth that the municipality has no objection (Resolution of No Objection) to the application or development.
§ 1 point for a commitment of development funding by a local political subdivision in the form of a loan, grant, reduced fees, or contribution of value that equals $500.00 or more for applications in urban subregions.
Within the extraterritorial jurisdiction of a municipality, the application may receive:
§ 8.5 points for a resolution from the governing body of that municipality expressly setting forth that the municipality supports (Resolution of Support) the application or development; or
§ 7 points for a resolution from the governing body of that municipality expressly setting forth that the municipality has no objection (Resolution of No Objection) to the application or development
TX Eleanor APTS 2026, Ltd., a to-be-formed Texas limited partnership, will be the ownership entity. The Applicant is a Texas-based developer, with experience in the development of mixed-income and senior housing communities. The development team has experience with TDHCA-funded transactions and public-private partnerships.
The Applicant proposes to develop 76 units, to include 38 one-bedroom and 38 two-bedroom units. The Project will be a new construction multifamily development. The units will include energy efficient appliances and lighting and other TDHCA-required features. Amenities include a furnished fitness center, enclosed dog park, community business center, furnished community center, security cameras, granite counter tops, walk-in closets, covered entries, and nine-foot ceilings. The development is located along West Wheatland Road, providing access to major transportation corridors, grocery stores, retail services, parks, and community amenities. The site is served by DART bus routes and is located near neighborhood commercial services and public facilities.
If awarded tax credits by TDHCA, the Applicant will work with appropriate City departments during planning and design to incorporate security best practices and community-oriented design principles. The development will include controlled access, camera systems, and other safety features consistent with multifamily best practices.
Total development costs are anticipated to be approximately $23,741,000.00, which includes the acquisition price for the land. The hard cost construction budget is anticipated to be $13,807,200.00 which is $312,382.00 per unit.
|
Proposed Financing Sources |
Amount |
|
Conventional Loan/FHA |
$17,640,836.00 |
|
Third Party Equity |
$ 3,359,664.00 |
|
Grant |
$ 500.00 |
|
Deferred Developer Fee |
$ 2,740,000.00 |
|
Total |
$23,741,000.00 |
|
Proposed Uses |
Costs |
|
Land Acquisition |
$ 1,830,000.00 |
|
Hard Construction Cost and Contractor Fees |
$15,717,200.00 |
|
Soft Costs & Financing Fees |
$ 2,893,800.00 |
|
Developer Fees |
$ 2,740,000.00 |
|
Reserves |
$ 560,000.00 |
|
Total |
$23,741,000.00 |
Upon completion of the development, 8 of the 76 units will be made available to households earning 0.00%-30.00% of Area Median Income (AMI), 30 of the 76 units will be made available to households earning between 31.00%-50.00% of AMI, 22 of the 76 units will be made available to households earning between 51.00%-60.00% of AMI, and 8 of the 76 units will be made available to households earning 61-70% AMI. 8 Units will remain as non-income-restricted market-rate units.
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.
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 (DHRC) by Resolution No. 23-0444. The DHRC provides a policy including evaluation criteria for developers requiring Resolutions of Support or No Objection for rental housing developments seeking HTC through TDHCA.
The DHRC evaluation criteria include standard thresholds for both 4% and 9% HTC applications such as evidence of site control, TDHCA minimum site standards, affirmatively further fair housing, and other requirements.
On December 10, 2025, the City Council adopted the Drivers of Opportunity Policy Framework. The Omnibus Resolution No. 25-1895 updates and consolidates previous policy resolutions, including the adoption of DHP33 by Resolution No. 23-0443, to reflect the adoption of these strategic policy changes across City departments, reinforcing City priorities and streamlining operational directives.
The evaluation criteria for 9% HTC applications seeking a Resolution of Support also requires applications meet a priority housing need of the City. The applications must meet at least one of the following five priorities:
§ The project has been selected to receive City funding such as Community Development Block Grants, Home Investment Partnerships Program, or General Obligation Bond funding;
§ The applicant intends to partner with the Dallas Housing Finance Corporation or Public Facility Corporation,
§ The proposal involves the redevelopment of public housing owned by the Dallas Housing Authority under the Choice Neighborhoods, Rental Assistance Demonstration, HOPE IV, or other similar U.S. Department of Housing and Urban Development programs that may be created;
§ The project is located in a census tract with a poverty rate below 20.00%;
§ A 50-unit project dedicating 20.00% of the units for tenants referred from the Continuum of Care list.
Applications that do not qualify as a priority housing need must score at least 50 points based on if the proposed project is mixed income, includes a non-profit or historically underutilized business, its proximity of amenities to the development site, and resident services to be provided.
The Project is qualified to receive a staff recommendation for a resolution of support as it is a priority housing needs development and is located in a census tract with a poverty rate below 20.00% (11.5%) and met the required application thresholds. The Market Value Analysis market type is H.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
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=15131298&GUID=E94F82B5-8650-48D0-8D9C-E661B22E3A9F>
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/26-342A.pdf>
FISCAL INFORMATION
|
Fund |
FY 2026 |
FY 2027 |
Future Years |
|
General Fund |
$500.00 |
$0.00 |
$0.00 |
MAP
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