STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 12, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize (1) the adoption of a Resolution of Support for Pivotal Development LLC and/or its affiliate(s) (collectively referred to as Applicant), related to its application to the Texas Department of Housing and Community Affairs for 9% Competitive Low Income Housing Tax Credits for the development Reserve at Elam to be located at 9129 Elam Road, Dallas, Texas 75217; and (2) an agreement with the Applicant for a line of credit in the amount of $500.00 for the Project proposed multifamily development - Not to exceed $500.00 - Financing: General Fund
Body
BACKGROUND
The Applicant submitted a pre-application to the Texas Department of Housing and Community Affairs (TDHCA) for 2025 9% Competitive Low Income Competitive Housing Tax Credits (9% LIHTC) for the development of Reserve at Elam, a ground-up development of a 96-unit mixed-income multifamily complex located at 9129 Elam Road, Dallas, Texas 75217 ("Project"). The Applicant has executed purchase agreements with three parties for five parcels of land for the development: Brenda Joyce Johnson and Cynthia Kaye Nolen, as Trustees for The Roy Virgil Lawver and Lurlene Ovena Lawver Revocable Living Trust, Tsou Shengyung, and Kent Carter, an individual ("KC"), and Casas Realidad, L.P., a Texas limited partnership. The Applicant may transfer the purchase contract to an affiliate.
In the administration of its 9% LIHTC Program, TDHCA awards application points for a resolution from a governing body of a local municipality on the following basis:
Within a municipality, the application will receive:
? 17 points for a resolution from the governing body of that municipality expressly setting forth that the municipality supports (Resolution of ...
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