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 Brooks Manor, LP, or its affiliates (Applicant) to the Texas Department of Housing and Community Affairs (TDHCA) for 4% Non-Competitive Low Income Housing Tax Credits for the development of The Oaks located at 630 South Llewellyn Avenue; and, at the close of the public hearing adopt a Resolution of No Objection for Applicant, related to its application to TDHCA for the development of The Oaks - Financing: No cost consideration to the City
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BACKGROUND
Brooks Manor, LP, or its affiliates (Applicant) submitted a Request for Resolution (RFA) 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% HTC). The 4% HTC will be used for the development of The Oaks, a 260-unit mixed-income multifamily complex for seniors to be located at 630 South Llewellyn Avenue, Dallas, Texas 75208 (Property). A 75-year agreement to ground lease the Property has been executed between an affiliate of the Dallas Housing Authority (DHA), the current owner of the property, and an affiliate of the Applicant. TDHCA requires 4% Housing Tax Credit 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 Once a resolution is adopted and submitted to TDHCA, it cannot be changed or withdrawn.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 develop and manage the Property. A to be formed single asset entity with NTHP Pembrok...
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