Multifamily Housing Revenue Bonds (25-120A)
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Authorize approval of the (1) City Council of the City of Dallas, to act as the applicable elected representative, as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended (Code), of the issuance of multifamily housing mortgage revenue bonds (Bonds) issued by the City of Dallas Housing Finance Corporation (DHFC or Issuer) in one or more series of tax-exempt bonds in an amount not to exceed $18,000,000.00; proceeds of the Bonds will be loaned to LIH Paradise Gardens Preservation, LP, an affiliate of LEDG Capital, LLC (collectively referred to as Borrower) to finance a portion of the cost of the renovation of units for an affordable multifamily complex to be known as Paradise Gardens located at 1500 North Garrett Avenue, Dallas, Texas 75206 (Development); and (2) application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the property on which the Development will be constructed and the use of proceeds of the bonds issued by the DHFC pursuant to the Act to finance and construct the Development; a public hearing with respect to the Bonds and the Development was held on October 11, 2024 after reasonable public notice was published in a newspaper of general circulation in the City of Dallas all in compliance with Section 147(f) of the Code - Financing: No cost consideration to the City
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Actions
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Assess open meetings notice for blank-name city manager vote
Context: The January 22, 2025 Dallas City Council agenda listed the city manager appointee as a blank line — a potential notice deficiency under the Texas Open Meetings Act that could render the approval procedurally vulnerable.
Recommended: Review whether the published agenda's blank-line entry for the city manager appointee satisfied Texas Open Meetings Act public notice requirements, and evaluate whether the appointment is exposed to a legal challenge on that basis.
Watch Dallas procurement for re-bid on public safety roofing contract
Context: A $451K public safety roofing contract was deleted from the January 22, 2025 Dallas City Council agenda before a vote was taken, indicating the procurement was not finalized and may be re-posted.
Recommended: Monitor Dallas city procurement postings for a revised or re-issued solicitation on the public safety roofing work — the contract was pulled from the January 22 agenda before any council vote, signaling it may return as a revised package.
Track Paradise Gardens low-income housing tax credit state application
Context: Dallas City Council issued a Resolution of No Objection on January 22, 2025 for the 4% low-income housing tax credit application for redevelopment of Paradise Gardens, completing the local prerequisite for the state filing.
Recommended: If you are active in Dallas affordable housing finance, monitor the Texas Department of Housing and Community Affairs pipeline for the 4% low-income housing tax credit application for Paradise Gardens — the city cleared the local approval step and the application now advances to state review.
Request records on blank-name city manager appointment in Dallas
Context: The January 22, 2025 Dallas City Council published agenda identified the city manager appointee with a blank line, yet the council proceeded from closed executive session directly to an open-session approval vote on an unnamed individual.
Recommended: Submit a public records request for all staff memos, closed-session notices, and agenda amendments related to the January 22 city manager appointment — the published agenda listed the appointee's name as a blank line before the council voted in open session immediately after a closed executive session.
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Authorize approval of the (1) City Council of the City of Dallas, to act as the applicable elected representative, as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended (Code), of the issuance of multifamily housing mortgage revenue bonds (Bonds) issued by the City of Dallas Housing Finance Corporation (DHFC or Issuer) in one or more series of tax-exempt bonds in an amount not to exceed $18,000,000.00; proceeds of the Bonds will be loaned to LIH Paradise Gardens Preservation, LP, an affiliate of LEDG Capital, LLC (collectively referred to as Borrower) to finance a portion of the cost of the renovation of units for an affordable multifamily complex to be known as Paradise Gardens located at 1500 North Garrett Avenue, Dallas, Texas 75206 (Development); and (2) application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the property on which the Development will be constructed and the use of proceeds of the bonds issued by the DHFC pursuant to the Act to finance and construct the Development; a public hearing with respect to the Bonds and the Development was held on October 11, 2024 after reasonable public notice was published in a newspaper of general circulation in the City of Dallas all in compliance with Section 147(f) of the Code - Financing: No cost consideration to the City