STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 14, 2024
COUNCIL DISTRICT(S): 14
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize (1) the adoption of a Resolution of Support for Sycamore Strategies, LLC, and/or its affiliate(s) (Applicant), related to its application to the Texas Department of Housing and Community Affairs (TDHCA) for 9% Housing Tax Credits for the development West End Lofts to be located at 805 Elm Street, Dallas, Texas 75202 (Project); and (a) in accordance with 10 TAC ? 11.3(d) (the "Administrative Code"), specifically allow the construction of the Project, as required by the Administrative Code, because the Project is within one linear mile or less of Cabana Design District Apartment Homes (a 9% housing tax credit development located at 899 North Stemmons Freeway), and is subject to the One Mile Three Year Rule; and (2) an agreement with the Applicant for a line of credit in the amount of $500.00 for the proposed multifamily development - Not to exceed $500.00 - Financing: General Fund
Body
BACKGROUND
The Applicant submitted a pre-application to the Texas Department of Housing and Community Affairs (TDHCA) for 2024 9% Low Income Competitive Housing Tax Credits (9% HTC) for the development of West End Lofts, a ground-up development of a 160-unit mixed-income multifamily complex located near southeast corner of North Lamar and Elm Street at 805 Elm Street, Dallas, Texas 75202. The Applicant has executed a purchase contract with Antioch Church and/or assigns, the current property owner. The Applicant may transfer the purchase contract to an affiliate.
In the administration of its 9% HTC Program, TDHCA awards application points for a resolution from a governing body of a local municipality on the following basis:
Within a municipality, the application will receive:
* 17 points ...
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