title
Presentation, discussion, and possible action regarding changes to the ownership structure and a waiver of 10 TAC ?11.9(b)(2)(A) for Parkside on Carrier (HTC #21093/23920)
end
RECOMMENDED ACTION
recommendation
WHEREAS, Parkside on Carrier (Development) received an award of 9% Housing Tax Credits (HTCs) in 2021, Supplemental Credits in 2023 (HTC #23920), and was approved for a Multifamily Direct Loan in 2025 for the new construction of 38 multifamily units for the elderly population in Grand Prairie, Dallas County;
WHEREAS, the HTC Application received two points for agreeing to include a certified Historically Underutilized Business (HUB) in the ownership structure of the General Partner and materially participating in the development and operation of the Development throughout the Compliance Period;
WHEREAS, Parkside on Carrier, L.P. (the Development Owner or Owner) is seeking to revise the ownership structure by changing JES Partnerships-Parkside, L.L.C., which is owned by JES Partnership Member, L.L.C. (60%) and by Parkside HUB, L.L.C (40%), from general partner to Special Limited Partner owning 0.0049% of the Development Owner;
WHEREAS, in order to qualify for a property tax exemption, the Owner also seeks to revise the ownership structure by adding Parkside on Carrier GPHFC GP, L.L.C. as General Partner, of which the sole managing member is the Grand Prairie Housing Finance Corporation;
WHEREAS, the Owner also requests a waiver of the specific requirement in 10 TAC ?11.9(b)(2)(A) that states the HUB must have an ownership interest in the General Partner, allowing the Development to continue to qualify for the two points for Sponsor Characteristics with the HUB in the ownership structure of the Special Limited Partner and continuing to meet the intent of 10 TAC ?11.9(b)(2)(A) to have a HUB materially participate in the Development; and
WHEREAS, the requested changes and waiver do not negatively affect the Development, impact the viability...
Click here for full text