PILLAR: Vibrant
AGENDA DATE: November 12, 2025
COUNCIL DISTRICT(S): 8
DEPARTMENT: Office of Housing and Community Empowerment
PRIORITY: Neighborhood Revitalization
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SUBJECT
Title
Authorize (1) the approval of the City Council of the City of Dallas, to act as the applicable elected representative, as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended (Code), of the issuance of multifamily residential mortgage revenue bonds (Bonds) issued by the City of Dallas Housing Finance Corporation (DHFC or Issuer) in one or more series of tax-exempt bonds in an amount not to exceed $40,000,000.00; proceeds of the bonds will be loaned to JPI Affordable Acquisition, LLC and/or its affiliate (collectively referred to as Borrower)to finance a portion of the cost of the renovation of units for an affordable multifamily complex to be known as Torrington Forest, located at 7100 South Great Trinity Forest Way, Dallas, Texas 75217 (Development); and (2) the approval of the application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the property on which the Development will be constructed and the use of proceeds of the Bonds issued by the DHFC pursuant to the Act to finance and construct the Development; a public hearing with respect to the Bonds and the Development was held on October 17, 2025 after reasonable public notice was published in a newspaper of general circulation in the City of Dallas all in compliance with Section 147(f) of the Code - Financing: No cost consideration to the City
*In alignment with Dallas Housing Policy 2033.
Body
BACKGROUND
JPI Affordable Acquisition, LLC, a Delaware limited liability company authorized to transact business in the state of Texas and/or its affiliate (collectively referred to as Borrower), has submitted to the Dallas Housing Finance Corporation (DHFC), a proposal for the development of Torrington Forest located at 7100 South Great Trinity Forest Way, Dallas, Texas 75217 (Development) and subsequently enter into a long-term lease for the Development. The Applicant proposes to develop a high quality, multifamily residential community comprised of 248 units, to include 72 one-bedrooms, 120 two-bedrooms, and 56 three-and four-bedrooms. Upon completion of the development, the Development affordability mix is anticipated to be 13 (5%) units reserved for households earning at or below 50% of the Area Median Income (AMI), 222 (90%) units reserved for households earning at or below 60% of AMI, and 13 (5%) units reserved for households earning at or below 70% of AMI.
Total development costs are estimated to be approximately $72,110,523.00 which includes the acquisition price for the land. The construction budget is estimated to be approximately $42,638,296.00 which is $171,928.61 per unit.
The Development amenities include stainless steel appliances, wood-style flooring, spacious room plans, energy-star ceiling fans, large walk-in closets, granite countertops, private patios & balconies, 9-foot ceilings, walk-in showers, and community laundry rooms. The Project offers a menu of community amenities such as health and wellness programs, educational services, transportation assistance, financial counseling, community-building activities, access to food and nutrition programs, safety and security.
The Borrower will also work with the Emergency Management & Crisis Response for security input/upgrades, community activities, and incorporate best practices of Crime Prevention Through Environmental Design. Additionally, the Borrower will provide modern security features to include a full camera system, controlled access, a community crime watch program, and participation in National Night Out to ensure a safe living environment for all residents and staff.
On August 27, 2024, the DHFC authorized a preliminary inducement resolution declaring intent to issue $40,000,000.00 in private activity bonds for a loan to Borrower to provide financing for the Development. On August 22, 2025, the Texas Bond Review Board issued a bond reservation to the DHFC for the Development in an amount not to exceed $40,000,000.00.
Since the Development is located within the city of Dallas, Section 147 (f) of the Internal Revenue Code requires that in order for the Bonds to be tax exempt, the City Council, the applicable elected representative of the City of Dallas, must approve the issuance of the bonds by the Issuer following a public hearing. The City of Dallas is not asked to issue bonds. The Bonds shall not be a debt, liability, or an obligation of the City nor shall any of the City’s assets be pledged for payment of the Bonds. The City’s name will not appear on the Bonds. The Bonds shall specifically provide that the Bonds are not a debt of the City of Dallas, Dallas County or the State of Texas and that the City of Dallas, Dallas County and State of Texas are not liable with respect to the Bonds. The City of Dallas is not responsible for the payment of the Bond obligations nor to fulfill DHFC’s authority under any documents related to the Development. The approval being requested is only for the purpose of complying with federal law and with regard to tax exempt debt.
The Tax Equity and Fiscal Responsibility Act (TEFRA) hearing notice was published in the Dallas Morning News on October 9, 2025. On October 17, 2025, 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. It is anticipated that the tax-exempt bonds to fund a portion of the costs for the Development will close on or about January 28, 2026.
The Texas Housing Finance Corporations Act, Chapter 394 of the Texas Local Government Code requires that the City of Dallas approve the issuance of bonds by the DHFC and their use to finance the construction and development of affordable housing.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On August 27, 2024, the DHFC authorized a preliminary inducement resolution declaring intent to issue $40,000,000.00 in private activity bonds for a loan to Borrower to provide financing for the Development.
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=14877978&GUID=AB5DAF3E-EC16-4866-8CB1-F418FC4E7342>
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=14898958&GUID=0F97361C-169C-4554-B2D4-5E3C2AC2D919>
FISCAL INFORMATION
No cost consideration to the City.
MAP
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