STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: January 27, 2021
COUNCIL DISTRICT(S): 11
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize the (1) approval of the City Council of the City of Dallas to act as the applicable elected representative, as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended (Code), of the issuance of multifamily residential mortgage revenue bonds (Bonds) issued by the City of Dallas Housing Finance Corporation (DHFC) in one or more series of tax-exempt bonds in an amount not to exceed $20,000,000.00; proceeds of the Bonds will be loaned to Midpark Towers, LP to finance a portion of the cost for the acquisition and renovation of units for a multifamily complex to be known as Midpark Towers, located at 8550 Midpark Road (Development); a public hearing with respect to the Bonds and the Development was held on January 6, 2021, after reasonable public notice was published in a newspaper of general circulation in the City of Dallas all in compliance with the Code; (2) approval of the bond issuance and the use of the bond proceeds by the DHFC to finance the construction of the Development; and (3) acknowledgement and approval of the Development's location in a census tract that has a poverty rate above 40 percent - Financing: No cost consideration to the City
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BACKGROUND
The Development will utilize 4% Housing Tax Credits for the acquisition, renovation, and rehabilitation of the Midpark Towers, an existing 202-unit multifamily complex built in 1978, located at 8550 Midpark Road (Property).
The project scope proposes to rehabilitate all 202 units which are spread over two separate 10- and 11-story towers. The 202 units are all one-bedroom units. Interior renovations include upgrades to cabinets, countertops, flooring, paint, energy efficient applia...
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