Title
Conduct a public hearing and consider a resolution of no objection for Palladium Bruton Road, LTD’s application to the Texas Department of Housing and Community Affairs (the “TDHCA”) for 2024 Non-Competitive 4% Housing Tax Credits for the construction of an approximately 288-unit affordable multifamily rental housing development located at 2255 West Bruton Road and authorizing the City Secretary to certify the resolution to the TDHCA.
Body
On October 17, 2022, the Mesquite Housing Finance Corporation (Mesquite HFC) approved a resolution to support the Palladium Bruton Road projects intent to issue bonds for financing of a multifamily residential rental development. In February 2023, the Mesquite HFC approved Palladium Bruton Road’s request for a bond reservation before the Bond Review Board. In February 2024, Palladium was notified of the approval of their project and award of bond financing. The Mesquite HFC provided direction to move forward with the process for this project. As part of the process for the financing of the project, Palladium Bruton Road LTD is required to obtain a resolution of no objection for the award of the 4% Housing Tax Credits for this project.
A public hearing is required prior to the approval of the resolution. Palladium Bruton Road has submitted an application for zoning and is scheduled for Council consideration on June 3, 2024.
Recommended/Desired Action
Conduct a public hearing and consider action on a resolution.
Attachment(s)
Resolution of No Objection
Drafter
Cliff Keheley
Head of Department
Cliff Keheley