STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: June 9, 2021
COUNCIL DISTRICT(S):|910|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 LDG The Standard at Royal Lane, 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 Standard at Royal Lane located at 2737 Royal Lane, Dallas Texas 75229 (the "Development"); 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 Standard at Royal Lane and in accordance with 10 TAC ?11.3 (d) (the "Administrative Code"), specifically allow the construction of the Development, as required by the Administrative Code, because the Development is within one linear mile or less of Dallas Stemmons Apartment (a 9% housing tax credit development located at 2435 Southwell Road), and is therefore subject to the One Mile Three Year Rule - Financing: No cost consideration to the City
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BACKGROUND
LDG Development, LLC (Applicant), a Texas limited liability company submitted a Request for Resolution application to the City for a Resolution of No Objection for its application to TDHCA for 2020 4% Non-Competitive Housing Tax Credits (4% Housing Tax Credits). The 4% Housing Tax Credits will be used for the development of The Standard at Royal Lane, a 300-unit affordable multifamily complex located at 2737 Royal Lane, Dallas, Texas 75229 (Property). A purchase and sale agreement for the Property has been executed between 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...
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