STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 12, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Michael Mendoza
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SUBJECT
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A public hearing to receive comments regarding an application by Murdeaux Rehab Development, LP to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Non-Competitive Low Income Housing Tax Credits for the Sphinx at Murdeaux Villas located at 125 South Murdeaux Lane; and, at the close of the public hearing adopt a Resolution of No Objection for Murdeaux Rehab Development, LP, or its affiliate, related to its application to TDHCA for the acquisition and rehabilitation of the Sphinx at Murdeaux Villas - Financing: No cost consideration to the City
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BACKGROUND
Murdeaux Rehab Development, LP (Applicant) submitted a pre-application to the Texas Department of Housing and Community Affairs (TDHCA) for private activity bonds and intends to submit a full application for 2020 4% Non-Competitive Housing Tax Credits (HTC) (4% HTCs) for the acquisition and rehabilitation of the Sphinx at Murdeaux, an existing multifamily complex built in 2004 with 240 units located at 125 South Murdeaux Lane, Dallas, Texas 75217. The property is currently owned by Murdeaux Villas, LP, an affiliate of Sphinx Development Corporation (Sphinx). TDHCA requires 4% HTC applicants to provide a resolution from the governing body of the jurisdiction in which the proposed development will be sited. As part of these TDHCA requirements, the governing body must also conduct a public hearing for citizens to provide comment on the proposed development. Once a resolution is adopted and submitted to TDHCA, then it cannot be changed or withdrawn.
The Applicant, a to be formed Texas limited partnership, is proposing to acquire, rehab, renovate, and manage Sphinx at Murdeaux. Banyi Murdeaux, LLC, (Banyi) or its affiliate,...
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