25-120A
Authorize approval of the (1) City Council of the City of Dallas, to act as the applicable elected representative, as defined by Section 147(f)(2)(E) of the Internal Revenue Code of 1986, as amended (Code), of the issuance of multifamily housing mortgage revenue bonds (Bonds) issued by the City of Dallas Housing Finance Corporation (DHFC or Issuer) in one or more series of tax-exempt bonds in an amount not to exceed $18,000,000.00; proceeds of the Bonds will be loaned to LIH Paradise Gardens Preservation, LP, an affiliate of LEDG Capital, LLC (collectively referred to as Borrower) to finance a portion of the cost of the renovation of units for an affordable multifamily complex to be known as Paradise Gardens located at 1500 North Garrett Avenue, Dallas, Texas 75206 (Development); and (2) application of the Texas Housing Finance Corporations Act, Chapter 394, Local Government Code (Act), to the property on which the Development will be constructed and the use of proceeds of the bonds issued by the DHFC pursuant to the Act to finance and construct the Development; a public hearing with respect to the Bonds and the Development was held on October 11, 2024 after reasonable public notice was published in a newspaper of general circulation in the City of Dallas all in compliance with Section 147(f) of the Code - Financing: No cost consideration to the City
- Committee
- Department of Housing and Community Development
- Requested by
- Department of Housing & Neighborhood Revitalization (HOU)
- Introduced
- December 23, 2024
- On agenda
- January 22, 2025
- Enactment no.
- 25-0200; APPROVED