STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: August 24, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize a development loan agreement with Brompton Community Housing Development Corporation and/or its affiliates, conditioned upon Skyline at Cedar Crest receiving 9% Housing Tax Credit award for the development of a 107-unit mixed-income affordable multifamily complex located at 2720 East Kiest Boulevard in Dallas, Texas - Not to exceed $3,750,000.00 Financing: HOME Investment Partnership Program Funds
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BACKGROUND
Brompton Community Housing Development Corporation (BCHDC) submitted a proposal under the City's Notice of Funding Availability (NOFA), issued on August 7, 2020, as amended, to receive gap financing in the form of a cashflow loan to support acquisition and development of affordable housing units located within the City limits. The NOFA was issued by the Department of Housing and Neighborhood Revitalization (Housing) in accordance with the City's Comprehensive Housing Policy (CHP).
The Department of Housing & Neighborhood Revitalization administers programs to appropriately incentivize private investment for the development of quality, sustainable housing that is affordable to the residents of the City. Specifically, Housing administers the New Construction and Substantial Rehabilitation Program which, when necessary, seeks to provide financial assistance to new developments or to substantially rehabilitate existing developments. All projects seeking financial assistance are required to submit a Notice of Intent to apply for financial assistance through the NOFA to Develop Affordable Homeownership and Rental Housing. As outlined in the NOFA, multiple sources of funding are available, however, proposed projects must meet specific thresholds to qualify for the u...
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