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Presentation, discussion, and possible action regarding a Material Amendment to the Housing Tax Credit Application and Land Use Restriction Agreement for Roseland Townhomes (HTC #99111) and Roseland Estates (HTC #02006)
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RECOMMENDED ACTION
recommendation
WHEREAS, Roseland Townhomes originally received a 9% Housing Tax Credit (HTC) award in 1999 for the construction of 152 multifamily units, of which 114 are designated as low-income units, in Dallas, Dallas County, and Roseland Estates (collectively, the Developments), which is adjacent to Roseland Townhomes, originally received a 9% HTC award in 2002 for the construction of 138 multifamily units, of which 104 are designated as low-income units, in Dallas;
WHEREAS, the Land Use Restriction Agreement (LURA) for Roseland Townhomes runs through December 31, 2040, and the LURA for Roseland Estates runs through December 31, 2042;
WHEREAS, the Dallas Housing Authority (DHA), now known as DHA Housing Solutions of North Texas (Development Owner or Owner), is proposing to redevelop the Developments as a single development named "Roseland Homes" and requests to temporarily suspend the enforcement of the existing LURAs for vacant units, which will permit DHA and its developer affiliate, North Texas Housing Partners (Developer), to redevelop the Developments by relocating existing tenants to vacant units within the Developments, and in return, DHA and the Developer agree to an extended affordability period over the 40-year periods currently required by the existing LURAs to compensate for the redevelopment period;
WHEREAS, the redevelopment of the Developments is anticipated to include the demolition of three buildings with 14 units total, and all remaining formerly market rate units will be redeveloped as low-income units; and
WHEREAS, the requested changes require Board approval under 10 TAC ?10.405(a)(4)(A), (B), (E), (F), and the Development Owner has complied with the procedural amendment requirements i...
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