STRATEGIC PRIORITY: Growing
AGENDA DATE: June 25, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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SUBJECT
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Authorize the City Manager to negotiate and execute a development loan agreement and security documents with 3606 S Cockrell Hill Rd, Ltd., an affiliate of Palladium USA International, Inc. (Applicant) conditioned upon the Applicant, or the entity named receiving 2024 9% Housing Tax Credit award and other funding source subject to approval of the City for the development of 3606 Cockrell Hill Road Senior Living, a 120-unit multifamily senior housing complex located at 3606 and 3626 South Cockrell Hill Road, Dallas, Texas 75236 (Project) - Not to exceed $5,000,000.00 - Financing: HOME Investment Partnerships Program Funds
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BACKGROUND
Palladium USA International, Inc. submitted a proposal under the City's Notice of Funding Availability (NOFA), as amended, to receive gap financing in the form of a cash flow loan to support the construction of a 120-unit multifamily senior housing complex known as 3606 Cockrell Hill Road Senior Living. The NOFA was issued by the Department of Housing and Community Development (Housing) in accordance with the City's Dallas Housing Policy 2033 (DHP33) and Dallas Housing Resource Catalog (DHRC).
Housing 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 where necessary, seeks to provide financial assistance to new developments or substantial rehabilitation of existing developments. All projects seeking financial assistance are required to submit a Notice of Intent to apply for financial assistance through NOFA to develop affordable homeownership and rental housing. ...
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