title
Presentation, discussion, and possible action on Inducement Resolution No. 25-009 for Multifamily Housing Revenue Bonds regarding authorization for filing an application for private activity bond authority for Murdeaux Villas (#21614)
end
RECOMMENDED ACTION
recommendation
WHEREAS, a supplemental bond application for Murdeaux Villas was submitted to the Department for consideration of an inducement resolution;
WHEREAS, at the Board meeting of April 8, 2021, Resolution No. 21-024 was approved authorizing the issuance of Multifamily Housing Revenue Bonds for Murdeaux Villas, Series 2021;
WHEREAS, unforeseen changes in circumstances following closing on the original Bonds, including inflation and related increases in construction costs, removal of the developer entity, and potential change in the equity investor has prompted the applicant to request the Department issue additional tax-exempt bond financing for the Development as further described herein; and
WHEREAS, approval of the inducement will allow staff to submit an application to the Bond Review Board (BRB) for the issuance of a Certificate of Reservation associated with the Development;
NOW, therefore, it is hereby
RESOLVED, that based on the foregoing, Inducement Resolution No. 25-009 to proceed with the application submission to the BRB for possible receipt of State Volume Cap issuance authority under the Private Activity Bond Program for the supplemental bond application for Murdeaux Villas is hereby approved in the form presented to this meeting.
end
BACKGROUND
Murdeaux Villas was originally approved at the Board meeting of April 8, 2021, and subsequently closed on May 28, 2021, with a bond issuance of $35,000,000. The development involved the acquisition and rehabilitation of 301 units located at 125 South Murdeaux Lane in Dallas, Dallas County serving a general population. The prior award resulted in an increase in the total number of units, from 240 units to 301 units as three an...
Click here for full text