STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: November 11, 2020
COUNCIL DISTRICT(S): 11
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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A public hearing to receive comments regarding an application by Midpark Towers, LP or its affiliate (Applicant) to the Texas Department of Housing and Community Affairs (TDHCA) for 4 percent Non-Competitive Low Income Housing Tax Credits for the Midpark Towers located at 8550 Midpark Road; 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 Midpark Towers - Financing: No cost consideration to the City
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BACKGROUND
Applicant submitted a Request for Resolution application to the City for a Resolution of No Objection for its application to TDHCA for 4% Non-Competitive Housing Tax Credits (4% Housing Tax Credits). The 4% Housing Tax Credits will be used for the acquisition, renovation, and rehabilitation of the Midpark Towers, an existing 202-unit multifamily complex built in 1978 located at 8550 Midpark Road, Dallas, Texas 75240 (Property). A purchase and sale agreement for the Property has been executed between LaneStar Properties, 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 Once a resolution is adopted and submitted to TDHCA, it cannot be changed or withdrawn.
Midpark Towers, LP, a to be formed Texas limited partnership, will acquire, rehabilitate, and renovate the Property....
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