STRATEGIC PRIORITY: Growing
AGENDA DATE: April 23, 2025
COUNCIL DISTRICT(S): 14
DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize the City Manager to negotiate and execute a forgivable development loan agreement and security documents with Braniff Lofts LP, an affiliate of Sycamore Strategies, LLC (together, the Applicant) in an amount not to exceed $7,000,000.00 in American Rescue Plan Act (ARPA) Redevelopment Fund (name of fund for accounting purposes, but no federal funds are being used), for the development of Braniff Lofts, a 48-unit permanent supportive housing complex located 2801 Wycliff Avenue, Dallas, Texas 75219 (Project) - Not to exceed $7,000,000.00 - Financing: ARPA Redevelopment Fund
Body
BACKGROUND
Sycamore Strategies, LLC submitted a proposal in response to the City's Notice of Funding Availability (NOFA), as amended, to receive gap financing in the form of a cash flow loan to support reuse and/or rehabilitation of improvements, including the construction of a 48-unit permanent supportive housing complex known as Braniff Lofts. The NOFA was issued by the Department of Housing and Community Development (Housing) in accordance with the City's Comprehensive Housing Policy (CHP), as restated in the Dallas Housing Policy 2033 (DHP33) and Dallas Housing Resource Catalog (DHRC). The Applicant and PWA Coalition dba AIDS Services of Dallas (ASD) have entered into a memorandum of understanding to co-develop and upon completion of the development of the Project, ASD will own, operate the Project and provide social services and case management. ASD will join in the Forgivable Loan Agreement, Deed of Trust and Deed Restrictions in the event ASD owns the improvements. ASD provides supportive housing to low-income men, women, and children living with or impacted by HIV/AIDS. Additionally, ASD provides wrap-around services to ...
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