STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: December 13, 2023
COUNCIL DISTRICT(S): 11
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize an increase in the development loan agreement with Cypress Creek Montfort Drive, LP, or its affiliate in the amount of $7,646,555.00, for the development of Cypress Creek Apartment Homes at Montfort, a 168-unit mixed income multifamily complex located at 14119 Montfort Drive, Dallas, Texas 75254 - Not to exceed $7,646,555.00, from $4,100,000.00 to $11,746,555.00 - Financing: Community Development Block Grant Funds Disaster Recovery
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BACKGROUND
Cypress Creek Montfort Drive, LP (Applicant) 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 168-unit mixed-income multifamily complex. The NOFA was issued by the Department of Housing & Neighborhood Revitalization (Housing) in accordance with the City's Comprehensive Housing Policy (CHP), as amended by the Dallas Housing Policy 2033 (DHP33) and Dallas Housing Resource Catalog (DHRC). Cypress Creek Apartment Homes at Montfort (Project) received a fundable score of 99 of 143 points.
On August 24, 2022, the City Council authorized the execution of a development loan agreement in an amount not to exceed $4,100,000.00 in Coronavirus State and Local Fiscal Recovery Funds American Rescue Plan Act (ARPA) by Resolution No. 22-1191. In addition to NOFA funding, Cypress Creek Montfort Drive, LP, received 2022 9% Competitive Low Income Housing Tax Credits from the Texas Department of Housing and Community Affairs (TDHCA) to acquire and construct the property.
On October 4, 2023, due to continued increases in construction cost and construction loan interest rates, the Applicant submitted a subsequent prop...
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