City of Dallas - File #: 24-393

• File #: 24-393
• Version: 1
• Type: CONSENT AGENDA
• Status: Approved
• File created: 1/22/2024
• In control: Department of Housing & Neighborhood Revitalization
• On agenda: 2/14/2024
• Title: Authorize (1) the adoption of a Resolution of Support for O-SDA Industries, LLC 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 Olea at Oak Cliff (Project) located at 541 East Jefferson Boulevard, Dallas, Texas 75203; (a) accordance with 10 TAC ? 11.3(d) (the "Administrative Code"), specifically allow the adaptive reuse of the Project, as required by the Administrative Code, because the Project is within one linear mile or less of Gateway Oak Cliff (a 9% housing tax credit development located at 400 South Beckley Avenue), and is subject to the One Mile Three Year Rule; (b) in accordance with 10 TAC ? 11.3(e) and ? 11.4(c)(1) (the "Administrative Code") specifically allow the proposed adaptive reuse of the Project, as required by the Administrative Code, because the Project is located in a census tract that has more than 20% Housing Tax Credit Units per total house...
• Indexes: 1

STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 14, 2024
COUNCIL DISTRICT(S):|9
10|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT

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Authorize (1) the adoption of a Resolution of Support for O-SDA Industries, LLC 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 Olea at Oak Cliff (Project) located at 541 East Jefferson Boulevard, Dallas, Texas 75203; (a) accordance with 10 TAC ? 11.3(d) (the "Administrative Code"), specifically allow the adaptive reuse of the Project, as required by the Administrative Code, because the Project is within one linear mile or less of Gateway Oak Cliff (a 9% housing tax credit development located at 400 South Beckley Avenue), and is subject to the One Mile Three Year Rule; (b) in accordance with 10 TAC ? 11.3(e) and ? 11.4(c)(1) (the "Administrative Code") specifically allow the proposed adaptive reuse of the Project, as required by the Administrative Code, because the Project is located in a census tract that has more than 20% Housing Tax Credit Units per total households; 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

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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 Olea at Oak Cliff, a historic adaptive reuse development of an 81-unit mixed-income senior housing complex located near the corner of South Marsalis Avenue and East Jefferson Boulevard. The Applicant has executed a purchase contract with 549 E Jefferson Blvd, LLC, the current property owner. The Applicant may tr...