STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 22, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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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% Low Income Housing Tax Credits for the development Cabana Design District Apartment Homes to be located at 899 North Stemmons Freeway, Dallas, Texas 75207; 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
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BACKGROUND
The Applicant submitted a pre-application to the Texas Department of Housing and Community Affairs (TDHCA) for 2023 9% Competitive Housing Tax Credits (9% HTC) for the development of the Cabana Design District Apartment Homes, a ground-up development of a 200-unit mixed-income multifamily complex located at 899 North Stemmons Freeway, Dallas, TX 75207 (Project). Anthem Interests, LLC, an affiliate of the Applicant, has executed a purchase contract with Cabana Development, 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; or
? 14 points for a resolution from the governing body of that municipality expressly setting forth that the municipality has no objection (Resolution of No Objec...
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