STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: August 9, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
Title
Authorize an increase in the development loan agreement with Jaipur Lofts, LLC., or its affiliate, conditioned upon the completion of a third-party underwriting for the development of Jaipur Lofts, a 71-unit affordable 2022 9% Competitive Low Income Housing Tax Credit multifamily complex located at 2102, 2108, 2202, 2206, and 2208 Annex Avenue, Dallas, TX 75204 - Not to exceed $2,520,000.00, from $2,500,000.00 to $5,020,000.00 - Financing: Coronavirus Local Fiscal Recovery Funds (This item was deferred on June 28, 2023)
Body
BACKGROUND
On April 1, 2022, Jaipur Lofts, LLC. (Applicant) submitted an initial proposal under the City's Notice of Funding Availability (NOFA), as amended, to receive gap financing in the form of a HOME loan to support the construction of a 71-unit affordable multifamily complex located within the City limits. The NOFA was issued by the Department of Housing & Neighborhood Revitalization (Housing) in accordance with the City's Comprehensive Housing Policy (CHP), as restated in the Dallas Housing Policy 2033 (DHP33). Jaipur Lofts (Project) received a fundable score of 94 points. On August 24, 2022, by Resolution No. 22-1193, City Council authorized the execution of a development loan agreement in an amount not to exceed $2,500,000.00 in Home Investment Partnership Program funds (HOME), of which the Applicant plans to only use $2,480,000.00. In addition to NOFA funding, the Applicant received 2022 9% Competitive Low Income Housing Tax Credits (HTC) from the Texas Department of Housing and Community Affairs (TDHCA) to acquire and construct the property.
On March 31, 2023, due to continued increases in construction cost and construction loan interest rates, the ...
Click here for full text