STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 14, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
Authorize (1) the adoption of a Resolution of Support for Palladium USA International, Inc. and/or its affiliate(s) or RIVA Switzerland, Inc. and/or its affiliate(s) (Applicant), related to its application to the Texas Department of Housing and Community Affairs (TDHCA) for 2024 9% Low Income Housing Tax Credits for the development of 3606 S. Cockrell Hill Road Senior Living located at 3606 S. Cockrell Hill Road, Dallas, TX 75236; 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 3606 S. Cockrell Hill Road Senior Living, a ground-up development of a 120-unit mixed-income multifamily complex restricted to seniors ages 62 and older located at 3606 S. Cockrell Hill Road (the "Project"). Palladium USA International, Inc. or RIVA Switzerland, Inc. and/or its affiliate(s) has executed a purchase contract with Cliftwood Church of Christ, 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 for a resolution from the governing body of that municipality expressly setting forth that the municipality supports (Resolution of Support) the application or development; or
? 14 points for a resolu...
Click here for full text