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Presentation, discussion, and possible action regarding the Issuance of a Multifamily Housing Governmental Note (The Legacy on Kiest) Series 2025, Resolution No. 25-022, and a Determination Notice of Housing Tax Credits
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RECOMMENDED ACTION
recommendation
WHEREAS, the Board adopted an inducement resolution for The Legacy on Kiest at the Board meeting of April 11, 2024;
WHEREAS, an application for The Legacy on Kiest requesting 4% Housing Tax Credits, sponsored by DHFC The Legacy on Kiest GP, LLC and the Dallas Housing Finance Corporation, was submitted to the Department on March 5, 2025;
WHEREAS, in lieu of a Certification of Reservation, a Carryforward Designation Certificate from the Texas Bond Review Board (BRB) was issued on January 6, 2025, and will expire on December 31, 2027; and
WHEREAS, staff recommends approval of the issuance of a Multifamily Housing Governmental Note for The Legacy on Kiest (Series 2025), and the issuance of a Determination Notice;
NOW, therefore, it is hereby
RESOLVED, that the issuance of a Multifamily Housing Governmental Note (The Legacy on Kiest) Series 2025 in the amount of $30,000,000, Resolution No. 25-022, is hereby approved in the form presented to this meeting;
FURTHER RESOLVED, the issuance of a Determination Notice of $2,509,813 in 4% Housing Tax Credits for The Legacy on Kiest, subject to underwriting conditions that may be applicable as found in the Real Estate Analysis report posted to the Department's website, is hereby approved in the form presented to this meeting; and
FURTHER RESOLVED, that if approved, staff is authorized, empowered, and directed, for and on behalf of the Department to execute such documents, instruments and writings and perform such acts and deeds as may be necessary to effectuate the foregoing.
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BACKGROUND
General Information: The Multifamily Housing Governmental Note will be issued in accordance with Tex. Gov't Code ?2306.353 et seq., which authorizes the Departme...
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