File #: 25-013    Version: 1 Name:
Type: Action Multifamily Bond Resolution Status: Agenda Ready
File created: 11/14/2024 In control: Governing Board
On agenda: 1/16/2025 Final action:
Title: Presentation, discussion, and possible action regarding the Issuance of Multifamily Housing Revenue Bonds (The Ridge at Loop 12) Series 2025A-1, Series 2025A-2, and Series 2025B, Resolution No. 25-013, an award of Direct Loan Funds, and a Determination Notice of Housing Tax Credits
Sponsors: Teresa Morales
Attachments: 1. Exhibit A_Organization Chart_Ridge at Loop 12_Flattened, 2. Exhibit A-1_Previous Participation_Ridge at Loop 12_Flattened, 3. 24607 The Ridge at Loop 12_Flattened, 4. Approving Bond Resolution No. 25-013-The Ridge at Loop 12_Flattened, 5. Exhibit C - Indenture- The Ridge at Loop 12_Flattened, 6. Exhibit D-Loan Agreement_The Ridge at Loop 12_Flattened, 7. Exhibit E - Regulatory Agreement - The Ridge at Loop 12_Flattened, 8. Exhibit F-1 - Series A-1 Note - The Ridge at Loop 12_Flattened, 9. Exhibit F-2 - Series A-2 Note - The Ridge at Loop 12_Flattened, 10. Exhibit F-3 - Series B Note - The Ridge at Loop 12, 11. Exhibit G - Security Agreement - The Ridge at Loop 12_Flattened, 12. Exhibit H - Assignment - The Ridge at Loop 12_Flattened, 13. Exhibit I - Placement Agreement - The Ridge at Loop 12_Flattened, 14. Exhibit J - Tax Exemption Agreement - The Ridge at Loop 12_Flattened
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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title
Presentation, discussion, and possible action regarding the Issuance of Multifamily Housing Revenue Bonds (The Ridge at Loop 12) Series 2025A-1, Series 2025A-2, and Series 2025B, Resolution No. 25-013, an award of Direct Loan Funds, and a Determination Notice of Housing Tax Credits

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RECOMMENDED ACTION

recommendation
WHEREAS, the Board adopted an inducement resolution for The Ridge at Loop 12 at the Board meeting of March 9, 2023;

WHEREAS, an application for The Ridge at Loop 12 requesting 4% Housing Tax Credits, sponsored by DHFC The Ridge at Loop 12 GP, LLC and the Dallas Housing Finance Corporation, was submitted to the Department on May 3, 2024;

WHEREAS, an application was submitted under the Tax Credit Assistance Program (TCAP) 2024-3 Multifamily Direct Loan Notice of Funding Availability (2024-3 NOFA) with an Application Acceptance Date of May 6, 2024;

WHEREAS, in lieu of a Certification of Reservation, a Carryforward Designation Certificate from the Texas Bond Review Board (BRB) was issued on January 2, 2024, and will expire on December 31, 2026; and

WHEREAS, staff recommends approval of the issuance of Multifamily Housing Revenue Bonds for The Ridge at Loop 12 (Series 2025A-1, Series 2025A-2, and Series 2025B), an award of TCAP, and the issuance of a Determination Notice;

NOW, therefore, it is hereby

RESOLVED, that the issuance of Multifamily Housing Revenue Bonds (The Ridge at Loop 12) Series 2025A-1, Series 2025A-2 in the total amount of $50,000,000, and taxable bonds Series 2025B in the amount of $11,914,000, Resolution No. 25-013, is hereby approved in the form presented to this meeting;

FURTHER RESOLVED, the issuance of a Determination Notice of $4,343,053 in 4% Housing Tax Credits, and $10,000,000 in Tax Credit Assistance Program Repayment Funds (TCAP) Direct Loan funds for The Ridge at Loop 12, subject to underwriting conditions that may be applicable as found in the Real Estate Analysis report posted to the Department's webs...

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