STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: May 27, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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A public hearing to receive comments regarding an application by Ridgecrest Terrace, LP or its affiliate (Applicant) to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Non-Competitive Low Income Housing Tax Credits for the Ridgecrest Terrace Apartments located at 526 South Walton Walker Boulevard; and, at the close of the public hearing adopt a Resolution of No Objection for Applicant, or its affiliate, related to its application to TDHCA for the acquisition, renovation and rehabilitation of the Ridgecrest Terrace Apartments - Financing: No cost consideration to the City
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BACKGROUND
The Applicant submitted a Request for Resolution (RFR) application to the City for a Resolution of No Objection for its application to TDHCA for 2020 4% Non-Competitive Housing Tax Credits (HTC) (4% HTCs). The 4% HTC will be used for the acquisition, renovation, and rehabilitation of the Ridgecrest Terrace Apartments, an existing 250-unit affordable multifamily complex built in 1969 located at 526 South Walton Walker Boulevard, Dallas, Texas 75211 (Property). A purchase and sale agreement for the Property has been executed between Ridgecrest Holdings, LLC, the current owner of the property, and an affiliate of the Applicant. TDHCA requires 4% HTC applicants provide a Resolution of No Objection 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 Once a resolution is adopted and submitted to TDHCA, it cannot be changed or withdrawn.
The Applicant, a to be formed Texas limited partnership, is proposing to ac...
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