PILLAR: Vibrant
AGENDA DATE: December 10, 2025
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 multifamily residential mortgage revenue bonds 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 $19,776,000 (collectively the “Bonds”); one or more proceeds of the Bonds will be loaned to Lakewest Senior Housing I, LP in the amount of $9,888,000, with respect to Village at Lakewest I Apartments I and Lakewest Senior Housing II, LP in the amount of $9,888,000, with respect to Village at Lakewest II Apartments 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 - 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 of Low-Income Housing Tax Credit (“LIHTC”) multifamily development projects. The DHA, through its subsidiary, Housing Options, Inc. (collectively, 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 Lakewest Senior Housing I, LP with respect to Village at Lakewest I Apartments I and Lakewest Senior Housing II, LP (the “Borrower”) with respect to Village Lakewest Apartment II to refinance a portion of the cost of the acquisition, rehabilitation and construction of the Development. Since the Development is located within the city of Dallas (”City”), Section 147(f) of the proposed
bond issuance, the City Council, as by the applicable elected representative of the City, must approve the bond issuance by the Issuer. 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. The Bonds shall not, therefore, 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. The City staff have not reviewed or approved any documents related to the Bond issuance or reviewed any credit issues regarding the Development. The Bonds shall specifically provide that the Bonds are not a debt of the City of Dallas, Dallas County or the Sstate of Texas and that the City of Dallas, Dallas County and state of Texas are not liable with respect to the Bonds. The City is not responsible for the payment of the Bond obligations nor to fulfill DHA’s or the Issuer’s authority under any of the documents related to the Development.
The Tax Equity and Fiscal Responsibility Act (“TEFRA”) public hearing notice was published in the Dallas Morning News on October 24, 2025. On October 31,2025 at 10:00a.m. the public hearing was held with no outside participants in attendance, and thus, no comments made. 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 by Resolution No. 08-1893.
FISCAL INFORMATION
No cost consideration to the City.
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