STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: June 12, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Robin Bentley
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SUBJECT
Title
A public hearing to receive comments regarding an application by LDG The Legacy on Kiest, LP an affiliate of LDG Development, LLC (Applicant) to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Non-Competitive Low Income Housing Tax Credits for the development of The Legacy on Kiest, a 180-unit multifamily development located at 2621 Southerland Avenue, Dallas, Texas 75203 (Property); and, at the close of the public hearing adopt a Resolution of No Objection for Applicant, related to its application to TDHCA for the development of The Legacy on Kiest, a multifamily development (Development), and in accordance with 10 TAC ? 11.3(d) (the Administrative Code) and the Qualified Allocation Plan (QAP), specifically allow the construction of the Development, as required by the Administrative Code, because the Development is within one linear mile or less of Skyline at Cedar Crest (a recent 4% housing tax credit project located at 2720 East Kiest Boulevard, Dallas, Texas 75216), and is therefore subject to the One Mile Three Year Rule - Financing: No cost consideration to the City
Body
BACKGROUND
LDG The Legacy on Kiest, LP or its affiliate (Applicant), a to be formed Texas limited partnership, submitted a Request for Resolution application to the City for a Resolution of No Objection for its application to TDHCA for 2024 4% Non-Competitive Housing Tax Credits (4% Housing Tax Credits). The 4% Housing Tax Credits will be used for the development of The Legacy on Kiest, a 180 multifamily complex, located at 2720 East Kiest Boulevard, Dallas, Texas 75216 (Property). A purchase and sale agreement for the Property has been executed between the current owner of the Property and ...
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