STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: May 11, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
Authorize a development loan agreement with LDG The Terrace at Southern Oaks, LP and/or its affiliate, for the development of The Terrace at Southern Oaks, a 300-unit affordable multifamily complex located at 3300 Southern Oaks Boulevard, Dallas, Texas 75216 (Project) - Not to exceed $7,900,000.00 - Financing: HOME Funds ($3,500,000.00) and CDBG Funds ($4,400,000.00)
body
BACKGROUND
LDG The Terrace at Southern Oaks, LP and/or its affiliate (Applicant) submitted a Proposal under the City's Notice of Funding Availability (NOFA), as amended, to receive gap financing in the form of a loan to support the construction of a 300-unit affordable multifamily complex located within the City limits. The NOFA was issued by the Department of Housing &Neighborhood Revitalization (Housing) in accordance with the City's Comprehensive Housing Policy (CHP).
Housing administers programs to appropriately incentivize private investment for the development of quality, sustainable housing that is affordable to the residents of the City. Specifically, Housing administers the New Construction and Substantial Rehabilitation Program which where necessary seeks to provide financial assistance to new developments or substantially rehabilitate existing developments. All projects seeking financial assistance are required to submit a Notice of Intent to apply for financial assistance through NOFA to develop affordable homeownership and rental housing. As outlined in the NOFA, multiple sources of funding are available, however, proposed projects must meet specific thresholds to qualify for the use of a specific funding source. At minimum, each proposed project must be composed of at least five affordable units and m...
Click here for full text