STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 12, 2025
COUNCIL DISTRICT(S): 14
DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
______________________________________________________________________
SUBJECT
Title
Authorize (1) the adoption of a Resolution of Support for Sycamore Strategies, LLC and/or its affiliate(s) (Applicant), related to its application to the Texas Department of Housing and Community Affairs for 9% Housing Tax Credits for the development The Magnolia to be located at 1401 Commerce Street, Dallas, Texas 75201; (a) accordance with 10 TAC ? 11.3(d) (the "Administrative Code"), specifically allow the adaptive reuse of the Project, as required by the Administrative Code, because the Project is within one linear mile or less of West End Lofts (a 9% housing tax credit development located at 805 Elm Street), and is subject to the One Mile Three Year Rule; and (2) an agreement with the Applicant for a line of credit in the amount of $500.00 for the proposed multifamily development - Not to exceed $500.00 - Financing: General Fund
Body
BACKGROUND
The Applicant submitted a pre-application to the Texas Department of Housing and Community Affairs (TDHCA) for 2025 9% Low Income Competitive Housing Tax Credits (9% HTC) for the development of The Magnolia, a ground-up development of a 130-unit mixed-income multifamily complex located at 1401 Commerce Street, Dallas, Texas 75201 (Project). The Applicant has executed a purchase agreement with Supreme Bright Dallas IV, LLC, the current property owner. The Applicant may transfer the purchase contract to an affiliate.
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 muni...
Click here for full text