Agenda Item Description
A public hearing to receive comments regarding an application by TX Westmoreland 2020, Ltd. to the Texas Department of Housing and Community Affairs (TDHCA) for the 2021 4% Non-Competitive Housing Tax Credits for Westmoreland Station located at 2700 South Westmoreland Drive; and, at the close of the public hearing, authorize (1) a Resolution of No Objection for TX Westmoreland 2020, Ltd. or its affiliate, related to its application to TDHCA for the acquisition and new construction of improvements to be known as Westmoreland Station; and HOME Investment Partnerships Funds (HOME) and Community Development Block Grant Funds (CDBG) development loan agreements and security documents in an amount not to exceed $3,000,000.00 in CDBG funds and $5,000,000.00 in HOME funds with TX Westmoreland 2020, Ltd., or an affiliate thereof, and City of Dallas Housing Finance Corporation, or an affiliate thereof (DHFC), conditioned upon TX Westmoreland 2020, Ltd. receiving a 2021 4% Housing Tax Credit award, for which the DHFC shall purchase and own the land, enter into a long-term ground lease with TX Westmoreland 2020, Ltd., and take an ownership interest in TX Westmoreland 2020, Ltd. for the development of a mixed-income multifamily complex located at 2700 South Westmoreland Drive - Total not to exceed $8,000,000.00 - Financing: HOME Funds ($5,000,000.00) and Community Development Block Grant Funds ($3,000,000.00)