File #: 24-7141    Version: 1 Name: Public Hearing and Resolution 2024 - Town East Trails
Type: Agenda Item Status: Passed
File created: 4/1/2024 In control: City Council
On agenda: 4/15/2024 Final action: 4/15/2024
Title: Conduct a public hearing and consider a resolution supporting Town East Trails Realty, LP's application to the Federal Home Loan Bank of Dallas for a grant that supports affordable housing for the construction of a 76-unit, senior-restricted affordable multi-family rental housing development to be located at 1220 North Town East Boulevard on the northeast corner of Poteet Drive and Independence Drive and authorizing the City Secretary to certify the Resolution to the Federal Home Loan Bank Board.
Attachments: 1. Ordinance No. 5049 - Approved PD Ordinance, 2. Letter of Request, 3. Press Release, 4. Resolution

Title

Conduct a public hearing and consider a resolution supporting Town East Trails Realty, LP’s application to the Federal Home Loan Bank of Dallas for a grant that supports affordable housing for the construction of a 76-unit, senior-restricted affordable multi-family rental housing development to be located at 1220 North Town East Boulevard on the northeast corner of Poteet Drive and Independence Drive and authorizing the City Secretary to certify the Resolution to the Federal Home Loan Bank Board.

 

Body

The applicant received an award for 9% tax credits from the Texas Department of Housing and Community Affairs in 2023. The City Council approved a resolution of support for the project in February 2023.  In August 2023, the City Council approved rezoning of the property to entitle the 76-unit senior-restricted multifamily project. The Federal Home Loan Bank of Dallas recently announced a grant program to assist affordable housing projects in the area.  The applicant is applying for a grant which also requires a resolution of support from the city. The grant application is due to the Federal Home Loan Bank of Dallas by the end of April.

 

Recommended/Desired Action

Conduct a public hearing and consider action on a resolution.

 

Attachment(s)

Ordinance No. 5049 - Approved PD Ordinance

Letter of Request

Press Release

Resolution

 

Drafter

Jeff Armstrong

 

Head of Department

Jeff Armstrong