STRATEGIC PRIORITY: Growing
AGENDA DATE: March 26, 2025
COUNCIL DISTRICT(S): 14
DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
______________________________________________________________________
SUBJECT
Title
Authorize (1) acquisition by the Dallas Housing Finance Corporation (DHFC) of Oak & Ellum, an existing market-rate multifamily development located at 2627 Live Oak Street, Dallas, Texas 75204 for development of affordable housing; and (2) receipt and deposit of $1,489,361.00 from Waterford Property Company, LLC (Applicant) into the Tax Increment Financing Reinvestment Zone Number Twelve (Deep Ellum TIF District or TIF District) Fund as a one-time payment in lieu of annual tax increment for tax years 2025, 2026, and 2027 - Estimated Revenue Foregone: $9,502,325.00 to the City General Fund $8,012,964.00 (estimated taxes over 15-year period)
Body
BACKGROUND
Waterford Property Company, LLC (Applicant) submitted an application to the Dallas Housing Finance Corporation (DHFC) to acquire and own Oak & Ellum, an existing 424-unit market-rate multifamily development which was completed in 2015 by Greystar (branded as Elan City Lights) and is located at 2627 Live Oak Street, Dallas, Texas 75204 (Project).
The DHFC will own the site and improvements while contracting with the Applicant who will act as the project administrator. Pursuant to the Texas Housing Finance Corporation Act, Chapter 394 of the Texas Local Government Code (Act), a Housing Finance Corporation may issue bonds to acquire affordable housing, and any residential property owned by a Housing Finance Corporation is exempt from all ad valorem taxes.
The Project is currently market rate (i.e., not income-restricted). However, upon acquisition by the DHFC, at least 20.00% of the units will be reserved for residents earning below 60.00% Area Median Income (AMI), 30.00% of the units will be reserved for residents earning 80.00% AMI, 40.00% of the units will be...
Click here for full text