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File #: 22-2442    Version: 1 Name:
Type: CONSENT AGENDA Status: Agenda Ready
File created: 10/12/2022 In control: Department of Housing & Neighborhood Revitalization
On agenda: 11/9/2022 Final action:
Title: Authorize the Dallas Housing Finance Corporation to issue tax-exempt essential function bonds to finance, acquire, and own The Dylan, a multifamily development located at 4533 Cedar Springs Road - Estimated Revenue Foregone: General Fund $3,775,412.13 (see Fiscal Information)
Indexes: 2
Attachments: 1. Map, 2. Resolution
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: November 9, 2022
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT

title
Authorize the Dallas Housing Finance Corporation to issue tax-exempt essential function bonds to finance, acquire, and own The Dylan, a multifamily development located at 4533 Cedar Springs Road - Estimated Revenue Foregone: General Fund $3,775,412.13 (see Fiscal Information)

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BACKGROUND

AMCAL Equities, LLC (Applicant or AMCAL), submitted an application to the Dallas Housing Finance Corporation (DHFC or Corporation) to issue tax-exempt essential function bonds to finance, acquire, and own The Dylan, a 125-unit multifamily development, located at 4533 Cedar Springs Road (Project). The Corporation will own the site and improvements while contracting with the Applicant who will act as the Project Administrator. Pursuant to the Texas Housing Finance Corporation Act, Chapter 394 of the Texas Local Government Code (Act), a Housing Finance Corporation 1) may issue bonds to acquire affordable housing and 2) any residential property owned by a Housing Finance Corporation is exempt from all ad valorem taxes. As with all bonds issued by the DHFC, they are non-recourse to both the City and the Corporation. They are not liabilities of the City and are repaid solely through the revenues of the Project.

The Project is currently market rate/non-income restricted. However, upon acquisition by the DHFC, at least 40% of the units will be reserved for residents earning below 80% Area Median Income (AMI), 10% of the units will be reserved for residents earning below 60% AMI, 40% of the units will be reserved for residents earning between 80-140% of AMI, and 10% of the units will be market rate.

The owner of the project will be DHFC The Dylan Apartments, LLC, a to be formed limited liability c...

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