STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 12, 2025
COUNCIL DISTRICT(S): 13
DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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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 Meadow to be located at 8130 Meadow Road, Dallas, Texas 75231; 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 repurposing of a vacant skilled nursing facility, a 100-unit mixed-income multifamily complex located at 8130 Meadow Road, Dallas, Texas 75231. The Applicant has executed a purchase agreement with iBorrow 8130 Meadow Owner 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 municipality supports (Resolution of Support) the application or development; and
* 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; and
* 1 point for a commitment of development funding by a local political subdivision in th...
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