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Presentation, discussion, and possible action regarding an appeal of the termination of a loan Application for Braniff Lofts
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RECOMMENDED ACTION
recommendation
WHEREAS, the Governing Board approved the release of an Invitation to Apply on March 6, 2025, which made available $10 million in Tax Credit Assistance Program Repayment Funds (TCAP-RF) as loans to certain qualifying Developments;
WHEREAS, the Invitation required that any loan made under it carry a 2% interest rate and be fully amortizing, with no option for deferred or forgivable loan terms;
WHEREAS, Braniff Lofts applied for a $10 million loan from the Invitation; however, the Development is only feasible if the loan is deferred with no annual debt service;
WHEREAS, staff terminated the Application because it is facially infeasible under the terms of the Invitation;
WHEREAS, the Applicant timely appealed this termination, agreeing that the Development cannot support the $10 million loan with the loan terms required by the Invitation, and instead requesting that the Invitation be amended to allow for the requested loan terms; and
WHEREAS, while the Board could direct staff to issue a new Invitation to Apply with the requested loan terms, this would be a separate matter from the current termination;
NOW, therefore, it is hereby
RESOLVED, that the appeal of the termination of the loan application for Braniff Lofts is denied.
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BACKGROUND
The Governing Board approved the release of an Invitation to Apply on March 6, 2025, which made available $10 million in Tax Credit Assistance Program Repayment Funds (TCAP-RF) as loans to certain qualifying Development. An Applicant submitted Braniff Lofts in response to this Invitation, requesting $10 million for the Adaptive Reuse of a historic building in Dallas to provide 48 Units of Supportive Housing. The funding stack was completed with a permanent loan from the City of Dallas, federal and state historic tax credits, and a $20 million bond...
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