STRATEGIC PRIORITY: Growing
AGENDA DATE: May 28, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize (1) the approval of the City Council of the City of Dallas, acting 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) 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 $35,000,000.00; proceeds of the Bonds will be loaned to Generation Housing Partners, LLC or its affiliate, TX Illinois 2024, Ltd., (collectively referred to as the Borrower) to finance a portion of the cost of the construction of units for an affordable multifamily complex to be known as HiLine at Illinois (Project) on real property located at 4710 West Illinois Avenue, Dallas, Texas 75211 (Property); (2) the approval of the application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the Property and the use of proceeds of the Bonds issued by the DHFC pursuant to the Act to finance and construct the Project; (3) the City Manager to negotiate and execute a development loan agreement and security documents with the DHFC or affiliate(s) thereof in an amount not to exceed $3,970,000.00 in Community Development Block Grant (CDBG) Funds to purchase and own the Property; and (4) the City Manager to negotiate and execute a development loan agreement and security documents with the Borrower in an amount not to exceed $2,980,000.00 in HOME Investment Partnership Program (HOME) Funds and $3,970,000.00 in CDBG Funds in the form of a loan assigned by an affiliate of the DHFC (the total award not to exceed $6,950,000.00), conditioned upon Borrower, or the entity named by the a...
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