City of Dallas - File #: 22-712

• File #: 22-712
• Version: 1
• Type: CONSENT AGENDA
• Status: Approved
• File created: 3/14/2022
• In control: Department of Housing & Neighborhood Revitalization
• On agenda: 5/25/2022
• Title: Authorize (1) the 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 or Issuer) in one or more series of tax-exempt bonds in an amount not to exceed $30,000,000.00; proceeds of the Bonds will be loaned to S Zang, LP to finance a portion of the cost for the new construction of units for an affordable multifamily complex to be known as Highpoint at Wynnewood and located at 1911 Pratt Street, Dallas, Texas 75224 (Development); and (2) the approval of the application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the property on which the Development will be constructed and the use of proceeds of the bonds issued by the DHFC pursuant to the Act to finance and construct th...
• Indexes: 1

STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: May 25, 2022
COUNCIL DISTRICT(S):|9
10|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT

title
Authorize (1) the 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 or Issuer) in one or more series of tax-exempt bonds in an amount not to exceed $30,000,000.00; proceeds of the Bonds will be loaned to S Zang, LP to finance a portion of the cost for the new construction of units for an affordable multifamily complex to be known as Highpoint at Wynnewood and located at 1911 Pratt Street, Dallas, Texas 75224 (Development); and (2) the approval of the application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the property on which the Development will be constructed and the use of proceeds of the bonds issued by the DHFC pursuant to the Act to finance and construct the Development; a public hearing with respect to the Bonds and the Development was held on March 14, 2022 after reasonable public notice was published in a newspaper of general circulation in the City of Dallas all in compliance with Section 147(f) of the Code - Financing: No cost consideration to the City

body
BACKGROUND

S Zang, LP (Developer) proposes the Dallas Housing Finance Corporation (DHFC) or its affiliate to acquire the site located at 1911 Pratt Street and subsequently enter into a long-term lease for the Development. The Development includes construction of 220 new affordable units. The units will include energy efficient appliances, washer/dryer hookups, covered entries/patios, and other Tex...