STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: April 26, 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 the (1) Dallas Public Facility Corporation (DPFC) or its affiliate to purchase, using Community Development Block Grant (CDBG) Funds, and own property located at located at 9999 West Technology Boulevard, Dallas, Texas 75220 (the Property); (2) City Manager to negotiate and execute a development agreement and security instruments with the DPFC, each as approved to form by the City Attorney, and in compliance with 24 CFR 570.201(a) and (b), in an amount not to exceed $10,000,000.00 in CDBG Funds to acquire and own, and facilitate the development of a mixed-income affordable multifamily complex known as The Park at Northpoint to be located at the Property; and (3) DPFC to enter into a 75-year ground lease with the LDG The Park at Northpoint, LP (Developer Owner) and/or its affiliate, for the development of the Project at the Property - Not to exceed $10,000,000.00 - Financing: Community Development Block Grant Funds
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BACKGROUND
LDG Development The Park at Northpoint, LP and/or its affiliate (Applicant Developer) submitted a Proposal on behalf of LDG The Park at Northpoint, LP ("Owner") under the City's Notice of Funding Availability (NOFA), issued on August 7, 2020, as amended, to receive gap financing in the form of a cashflow loan to support the acquisition and development of affordable housing units within the City limits. The NOFA was issued by the Department of Housing & Neighborhood Revitalization (Housing) in accordance with the City's Comprehensive Housing Policy (CHP), as restated in the Dallas Housing Resource Catalog.
The Housing Department administers programs to appropriately incentivize private investment for the development of quality, sustainable hous...
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