STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: June 22, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize an amendment to Resolution No. 21-2047, previously approved on December 8, 2021, to allow the City to subordinate its liens to a financial institution's liens in relation to the development of Highpoint at Wynnewood, a mixed-income, multifamily development located 1911 Pratt Street Dallas, TX 75224 (Project), subject to the requirements of the Comprehensive Housing Policy (CHP) - Financing: No cost consideration to the City
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BACKGROUND
On December 8, 2021 by Resolution No. 21-2047, the City Council authorized (1) the adoption of a Resolution of No Objection for S. Zang, LP, or its affiliates (Applicant) related to its application to the Texas Department of Housing and Community Affairs (TDHCA) for the development of the Project; (2) the rescission of Resolution No. 20-0379, approved on February 26, 2020; and (3) the sale of the property from WCH Limited Partnership to S. Zang, LP and amended and restated redevelopment loan documents with the Applicant (originally with WCH Limited Partnership, the current owner of the property) for low income housing for families at the Parks at Wynnewood, to (a) require the Applicant to obtain 4% LIHTC for the Highpoint at Wynnewood Apartments; (b) extend the timeline for completion by 10 years, to 2028; (c) extend the maturity date by 10 years, to 2028; (d) increase the number of units to be built from 160 to 220; (e) require a fifteen (15) year affordability period; (f) allow for the forgiveness of the remaining balance of $418,750.00 upon satisfaction of the loan terms (g) require the Applicant to provide onsite classes for adults, career development/job training, annual health fairs, and a one-time set aside in the amount of $75,0...
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