STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: December 14, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize the Dallas Public Facility Corporation to acquire, develop, and own 1508 Mockingbird, a mixed-income, multifamily development to be located at 1508 West Mockingbird Lane (Project) and enter into a seventy-five-year lease agreement with Provident Realty Advisors, Inc., or its affiliate, for the development of the Project - Estimated Revenue Foregone: General Fund $835,055.00 (15 Years of Estimated Taxes)
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BACKGROUND
Provident Realty Advisors, Inc. (Applicant), a Texas Corporation, submitted an application to the Dallas Public Facility Corporation (Corporation) for the development of 1508 Mockingbird, a 400-unit mixed income multifamily development to be located at Project. The Corporation will own the site and improvements and lease the Project back to the Applicant or its affiliate. Pursuant to the Texas Public Facility Corporation Act, Chapter 303 of the Texas Local Government Code, as amended (Act), any public facility owned by a Public Facility Corporation is exempt from all ad valorem taxes. To qualify as a public facility, pursuant to the Act, a multifamily property must reserve at least 50% of the units for residents earning at or below 80% of the area median income (AMI). The Project will reserve 40% of the units for residents earning less than 80% AMI, 10% of the units for residents earning less than 60% AMI, and 50% of the units will be market rate.
The Applicant will be a limited liability company owned by Provident Realty Advisors, Inc. (Provident). Since 1991, Provident has developed and acquired an over $2 billion portfolio that includes various product types such as mixed-use developments, multifamily communities, master-planned single-family commun...
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