STRATEGIC PRIORITY: Economic Development
AGENDA DATE: May 22, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize (1) the City Manager to negotiate and execute a development loan agreement and security documents with TX Tenison 2023, Ltd., an affiliate of Generation Housing Partners, LLC (together, the Applicant) in an amount not to exceed $6,500,000.00 in Community Development Block Grant Disaster Recovery Funds (CDBG-DR), conditioned upon Applicant, or the entity named by the award, receiving 2023 4% Housing Tax Credit award or other funding source subject to approval of the City for the development of the Tenison Lofts at Samuell Grand, a 164-unit mixed-income affordable multifamily complex to be located at 3500-3632 Samuell Boulevard Dallas, Texas 75223 (Project); (2) the City Manager to negotiate and execute a development loan agreement and security documents with the Dallas Housing Finance Corporation (DHFC) or affiliate(s) thereof in an amount not to exceed $4,500,000.00 in Community Development Block Grant and HOME Investment Partnerships (HOME) Funds to purchase and own the real property located at 3500-3632 Samuell Boulevard Dallas, Texas 75223 (Property); and (3) approve the DHFC as long-term ground lessor of the property to enter into a long-term ground lease with Applicant and/or its affiliates(s) for the development of the Property pursuant to 24 CFR 570.201(a) and (b), subject to compliance with all funding source requirements - Not to exceed $11,000,000.00 - Financing: HOME Funds ($1,000,865.51), Community Development Block Grant Funds ($3,499,134.49), and Community Block Grant Disaster Recovery Funds ($6,500,000.00)
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BACKGROUND
Generation Housing Partners, LLC submitted a proposal under the City's Notice of Funding Availability (NOFA), as amended, to receive gap financing in th...
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