STRATEGIC PRIORITY: Government Performance and Financial Management Housing & Homelessness Solutions
AGENDA DATE: February 12, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Government Affairs
EXECUTIVE: Elizabeth Saab
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SUBJECT
Title
Authorize the approval of the City Council of the City of Dallas, as the applicable elected representative as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended (the "Code"), of the issuance of multifamily residential mortgage revenue bonds issued by the Dallas Housing Authority ("DHA") through its subsidiary, Housing Options, Inc. in a series of tax-exempt bonds in an amount not to exceed $35,000.000.00 (the "Bonds"); proceeds of the Bonds will be loaned to Royal Crest Preservation, LLC to finance a portion of the cost of the renovation of units for an affordable multifamily complex to be known as Royal Crest Apartment located at 3558 Wilhurt Avenue, Dallas, Texas 75216 - Financing: No cost consideration to the City
Body
BACKGROUND
Pursuant to Chapter 392 of the Texas Local Government Code, the DHA may authorize the issuance of bonds in one or more series for a corporate purpose of the DHA, including the issuance of mortgage revenue bonds for the financing of Low-Income Housing Tax Credit ("LIHTC") multifamily development projects. The DHA, through its subsidiary, Housing Options, Inc. (collectively, the "Issuer"), intends to issue its Multifamily Housing Mortgage Revenue Bonds (Royal Crest) Series 2025 in an amount not to exceed $35,000,000.00; proceeds of the Bonds will be loaned to Royal Crest Preservation, LLC (the "Borrower") to finance a portion of the cost of the renovation of the Development. Since the Development is located within the city of Dallas ("City"), Section 147(f) of the lnternal Revenue Code of 1986, as amended (the "Code"), requires that in order for the Bonds to be tax exempt, any issuance of tax-exem...
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