STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: December 11, 2024
COUNCIL DISTRICT(S): 14
DEPARTMENT: Department of Housing and Community Development
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize the Dallas Housing Finance Corporation ("DHFC or Corporation") to acquire and own Oak & Ellum, a multifamily development located at 2627 Live Oak St, Dallas, TX 75204 and disbursement of $1,489,361.00 from Waterford Property Company, LLC Funds to Tax Increment Financing Reinvestment Zone Number Twelve ("Deep Ellum TIF District" or "TIF District") Fund, a payment in lieu of annual TIF District increment for tax years 2025, 2026, and 2027 (TIF District termination in tax year 2027 with fiscal year 2028 collections) - Estimated Revenue Foregone: General Funds $8,012,964.00 (estimated taxes over 15-year period minus the revenue for developer payment)
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BACKGROUND
Pursuant to the Texas Housing Finance Corporation Act, Chapter 394 of the Texas Local Government Code (Act), a Housing Finance Corporation (1) may issue bonds to acquire affordable housing and (2) any residential property owned by a Housing Finance Corporation is exempt from all ad valorem taxes. As with all bonds issued by the Corporation, they are non-recourse to both the City and the Corporation. They are not liabilities of the City and are repaid solely through the revenues of the Project.
Waterford Property Company, LLC ("Applicant"), submitted an application to the Dallas Housing Finance Corporation ("DHFC or Corporation") to acquire, develop, and own Oak & Ellum, a 424-unit multifamily development, located at 2627 Live Oak St., Dallas, TX 75204 ("Project"). The Corporation will own the site and improvements while contracting with the Applicant who will act as the Project Administrator.
The property is currently market rate/non-income restricted. Upon acquisition by the Corporation, the property will have at ...
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