Multifamily Residential Mortgage Revenue Bonds (25-1619A)
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Authorize (1) the approval of the City Council of the City of Dallas, acting 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 residential mortgage revenue bonds (Bonds) 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 $35,000,000.00; proceeds of the Bonds will be loaned to Generation Housing Partners, LLC or its affiliate, TX Illinois 2024, Ltd., (collectively referred to as the Borrower) to finance a portion of the cost of the construction of units for an affordable multifamily complex to be known as HiLine at Illinois (Project) on real property located at 4710 West Illinois Avenue, Dallas, Texas 75211 (Property); (2) the approval of the application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the Property and the use of proceeds of the Bonds issued by the DHFC pursuant to the Act to finance and construct the Project; (3) the City Manager to negotiate and execute a development loan agreement and security documents with the DHFC or affiliate(s) thereof in an amount not to exceed $3,970,000.00 in Community Development Block Grant (CDBG) Funds to purchase and own the Property; and (4) the City Manager to negotiate and execute a development loan agreement and security documents with the Borrower in an amount not to exceed $2,980,000.00 in HOME Investment Partnership Program (HOME) Funds and $3,970,000.00 in CDBG Funds in the form of a loan assigned by an affiliate of the DHFC (the total award not to exceed $6,950,000.00), conditioned upon Borrower, or the entity named by the award, receiving 2023 4% Housing Tax Credit award or other funding source subject to approval of the City for the development of the Project; and (5) pursuant to the City’s rights under DHFC bylaws, approve the DHFC to acquire through its affiliate, the Property and to enter into a long-term ground lease with Borrower for the lease of the Property, pursuant to 24 CFR 570.201(a) and (b), and development of the Project, subject to compliance with all funding source requirements - Not to exceed $6,950,000.00 - Financing: HOME Funds ($2,980,000.00), and Community Development Block Grant Funds ($3,970,000.00)
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Request corridor map for the approved affordable housing infrastructure grant
Context: City Council approved item #23 — a $2.0M affordable housing infrastructure grant scoped to a specific Dallas corridor — on May 28, 2025, pulled individually from the consent agenda before passing.
Recommended: If you are developing or acquiring sites in Dallas, obtaining the corridor boundary map determines whether your project is eligible for the infrastructure grant funding approved May 28. Contact the Dallas Office of Housing & Neighborhood Revitalization for program eligibility details and whether your site qualifies.
Request records on the affordable housing grant pulled from consent vote
Context: Six items were pulled from the consent agenda at the May 28, 2025 City Council meeting — including item #23, the $2.0M affordable housing grant — all ultimately approved, raising questions about what concerns prompted the separation.
Recommended: The $2.0M affordable housing infrastructure grant (item #23) was one of six items separated from the consent agenda for an individual vote — a signal worth documenting. File a public records request for the staff backup report, any written public comment, and the names of Council members who requested the separation.
Find out if your Dallas neighborhood falls inside the housing corridor
Context: City Council approved item #23, a $2.0M affordable housing infrastructure grant with an explicitly corridor-scoped footprint, on May 28, 2025.
Recommended: If you live in a Dallas corridor designated under this program, the approved $2.0M infrastructure grant may fund construction or street-level infrastructure changes near your home. Contact the Dallas Office of Housing & Neighborhood Revitalization to request the corridor boundary map and learn what development is planned.
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Timeline
Authorize (1) the approval of the City Council of the City of Dallas, acting 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 residential mortgage revenue bonds (Bonds) 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 $35,000,000.00; proceeds of the Bonds will be loaned to Generation Housing Partners, LLC or its affiliate, TX Illinois 2024, Ltd., (collectively referred to as the Borrower) to finance a portion of the cost of the construction of units for an affordable multifamily complex to be known as HiLine at Illinois (Project) on real property located at 4710 West Illinois Avenue, Dallas, Texas 75211 (Property); (2) the approval of the application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the Property and the use of proceeds of the Bonds issued by the DHFC pursuant to the Act to finance and construct the Project; (3) the City Manager to negotiate and execute a development loan agreement and security documents with the DHFC or affiliate(s) thereof in an amount not to exceed $3,970,000.00 in Community Development Block Grant (CDBG) Funds to purchase and own the Property; and (4) the City Manager to negotiate and execute a development loan agreement and security documents with the Borrower in an amount not to exceed $2,980,000.00 in HOME Investment Partnership Program (HOME) Funds and $3,970,000.00 in CDBG Funds in the form of a loan assigned by an affiliate of the DHFC (the total award not to exceed $6,950,000.00), conditioned upon Borrower, or the entity named by the award, receiving 2023 4% Housing Tax Credit award or other funding source subject to approval of the City for the development of the Project; and (5) pursuant to the City’s rights under DHFC bylaws, approve the DHFC to acquire through its affiliate, the Property and to enter into a long-term ground lease with Borrower for the lease of the Property, pursuant to 24 CFR 570.201(a) and (b), and development of the Project, subject to compliance with all funding source requirements - Not to exceed $6,950,000.00 - Financing: HOME Funds ($2,980,000.00), and Community Development Block Grant Funds ($3,970,000.00)