STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: December 8, 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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Adopt a Resolution of No Objection for Applicant, related to its application to TDHCA for the development of parcHAUS at Hickory Trail, a multifamily development - Financing: No cost consideration to the City (This item was deferred on October 27, 2021)
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BACKGROUND
Hickory Trail Partners, LP (Applicant), to be formed Texas limited partnership, submitted a Request for Resolution application to the City of Dallas for a Resolution of No Objection for its application to TDHCA for 2021 4% Non-Competitive Housing Tax Credits (4% Housing Tax Credits). The 4% Housing Tax Credits will be used for the development of parcHAUS at Hickory Trail ("Development"), a 324-unit affordable "built-to-rent" single-family residential community located at 9101 Old Hickory Trail, Dallas, Texas 75237 (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 proposed development will be sited. As part of these TDHCA requirements, the governing body must also conduct a public hearing for residents to provide comment on the proposed development. Once a resolution is adopted and submitted to TDHCA, it cannot be changed or withdrawn.
Hickory Trail Partners, LP, or its affiliate, will serve as the Developer and Guarantor of the project. The Applicant is an affiliate of Provident Realty Advisors (Provident). Provident has successfully completed over 39 properties, 19 of which are multifamily and the others which range from retail/office, mixed-use, medical, industrial...
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