STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 14, 2024
COUNCIL DISTRICT(S): 11
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
Authorize (1) the adoption of a Resolution of Support for St. Margaret, Inc., and/or its affiliate(s) (Applicant), related to its application to the Texas Department of Housing and Community Affairs (TDHCA) for 2024 9% Housing Tax Credits for the development of The Broderick located at 12800 Coit Road, Dallas, TX 75251; 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 for 2024 9% Low Income Competitive Housing Tax Credits (9% HTC) for the development of The Broderick, a ground-up development of a 108-unit mixed-income multifamily complex located at 12800 Coit Road, Dallas, TX 75251 (Project). St. Jude, Inc., an affiliate of the Applicant, has executed a purchase contract with the Applicant, 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 resolution from the governing body of that municipality expressly setting forth that the municipality has no objection (Resolution of No Objection) to the application or development.
? 1 point for a commitment of development funding by a local ...
Click here for full text