STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: April 14, 2021
COUNCIL DISTRICT(S): 11
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
Title
Authorize a Community Development Block Grant Funds (CDBG) development loan agreement and security documents in an amount not to exceed $2,500,000.00 in CDBG funds with Midpark Towers Apts. LP (Midpark Towers), or an affiliate thereof, and the City of Dallas Housing Finance Corporation, or an affiliate thereof (DHFC), conditioned upon Midpark Towers receiving a 2021 4% Housing Tax Credit award, for which the DHFC shall purchase and own the land, enter into a long-term ground lease with Midpark Towers, and take an ownership interest in Midpark Towers for the acquisition and renovation of an affordable multifamily complex located at 8550 Midpark Road - Not to exceed $2,500,000.00 - Financing: Community Development Block Grant Funds
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BACKGROUND
Midpark Towers, an affiliate of Elizabeth Property Group Texas LLC (EPG) submitted a proposal under the City's Notice of Funding Availability (NOFA), issued on August 7, 2020, to receive gap financing in the form of a repayable loan to support acquisition and the renovation of existing affordable housing units located within the city limits. The NOFA was issued by the Department of Housing and Neighborhood Revitalization (Housing) in accordance with the City's Comprehensive Housing Policy (CHP). In addition to NOFA funding, Midpark Towers also plans to utilize 4% Non-Competitive Low Income Housing Tax Credits from the Texas Department of Housing and Community Affairs (TDHCA) to develop the property while partnering with the City of Dallas Housing Finance Corporation (DHFC).
Housing administers programs to appropriately incentivize private investment for the development of quality, sustainable housing that is affordable to the residen...
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