STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: January 22, 2025
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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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 $50,000,000.00 (the "Bonds"); proceeds of the Bonds will be loaned to The Culbreath, LP, an affiliate of DHA, to finance a portion of the cost of the construction of units for an affordable multifamily complex to be known as The Culbreath located at 2770 Bethurum Avenue, Dallas, Texas 75215 - Financing: No cost consideration to the City
Body
BACKGROUND
One of the authorities of the DHA is the responsibility to authorize and issue mortgage revenue bonds through its subsidiary, Housing Options, Inc. (collectively with DHA, the "Issuer"), for the financing of Low-Income Housing Tax Credit (LIHTC) multifamily development projects. The Issuer intends to issue its Multifamily Housing Mortgage Revenue Bonds (The Culbreath) Series 2025 in an amount not to exceed $50,000,000.00; proceeds of the Bonds will be loaned to The Culbreath, LP (the "Borrower"), an affiliate of DHA, to finance a portion of the cost of construction of units for The Culbreath, an affordable multifamily complex to be located at 2770 Bethurum Avenue, Dallas, Texas 75215 (the "Development"). Since the Development is located within the city of Dallas (City), Section 147(f) of the Code requires that in order for the Bonds to be tax-exempt, after a public hearing following reasonable public notice of the proposed b...
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