Title
A resolution approving the issuance of tax-exempt obligations by the Mesquite Housing Finance Corporation to finance the acquisition and construction of Torrington Creekside by Torrington Creekside, LP.
Body
On September 2, 2025, the Mesquite Housing Finance Corporation (HFC) unanimously passed a bond inducement resolution authorizing an application for up to $50 million in private activity bonds with the Texas Bond Review Board (TBRB) to help finance a proposed 291-unit affordable multifamily rental housing development to be located at 900 and 1000 Windbell Circle in Mesquite known as Torrington Creekside. On February 16, 2026, the City Council passed Resolution No. 03-2026 providing no objection to the application for housing tax credits through the Texas Department of Housing and Community Affairs. On June 15, 2026, the TBRB issued a Certificate of Reservation (Docket Number 5535) accepting the bond application filing and reserving $50 million in private activity bond allocation to the HFC for financing the proposed development.
Under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), an issuer of private activity bonds must hold a public hearing, following publication of a TEFRA notice, to give the public an opportunity to comment on a proposed private activity bond issue. This hearing was held by the HFC on September 8, 2026, following the August 31, 2026, publication of the TEFRA notice.
Section 147(f) of the Internal Revenue Code requires approval of the future bond issuance by the City Council following the TEFRA hearing, and passage of this proposed resolution will provide Council approval of the bonds in an amount not to exceed $50 million. It should be noted that the private activity bonds issued by the HFC will never constitute an indebtedness or general obligation of the City but are “conduit” obligations of the City payable solely from the revenues generated by the development, and no City funds will be used.
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