[Dallas Housing Finance Corporation on May 9, 2023.]
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RIGHT.UM, SO, UM, SO OPPORTUNITY HOUSING GROUP.
I, I BELIEVE YOU KNOW WHO WE ARE, UM, UH, BUT WE'RE, UH, INVOLVED WITH, UH, THIS PROGRAM OF CREATING, UM, UM, MIDDLE INCOME, UH, WORKFORCE HOUSING FOR ESSENTIAL WORKERS.
AND, UH, ON THE CALL HERE TODAY, YOU ALSO HAVE LAUREN SEAVER.
SHE'S CONNECTED, UH, REMOTELY.
UH, YOU ALSO HAVE, UH, ALEXANDER FROM CITY.
UM, AND, UM, WE HAVE OUR OTHER TEAM IS NOT HERE AS GRAY STAR AND, UH, ALSO, UH, UH, UNDERWRITERS COUNCIL ON NORRIS, GEORGIA, AND ASTRO.
UM, LET'S GO TO THE NEXT PAGE, PLEASE.
UM, WELL, SO YOU'VE SEEN THIS SLIDE BEFORE, SO I DON'T WANT TO, UH, TAKE A LOT OF TIME ON THIS, BUT THIS IS REALLY, YOU KNOW, THE ISSUE WE'RE DEALING WITH TODAY IN TERMS OF, OF, UH, UH, OF, UH, RENTAL COST BURDEN, UH, HOUSING.
UH, WE KNOW WHAT THAT DOES TO IMPACT FAMILIES, AND WE KNOW THAT THE SOLUTION IS REALLY TO KEEP THE RENTS LOW.
UM, AND THIS REALLY GOES AGAIN, SHOWING YOU THE IMPACT ON THE AMOUNT OF DEMAND IN THE MARKETPLACE.
UH, WE'VE IDENTIFIED ABOUT ALMOST 90,000 FAMILIES THAT ARE EXTREMELY RENT BURDENED IN DALLAS.
UM, 9% OF THE RENTERS PAY 50, 40 TO 50% OF THEIR INCOME IS RENT, 20%, UH, OF THAT NUMBER OF PAY OVER 50%.
SO IT'S EXTREMELY A BIG PROBLEM RIGHT NOW.
UM, LET'S GO TO THE NEXT PAGE.
SO THIS IS THE PROPOSED, UM, ACQUISITION.
UM, THIS IS A PROPERTY CALLED JEFFERSON ANOVA, UM, AND IT IS LOCATED NEAR THE BELMONT AREA AND TOWN.
IT IS A, UH, CLASS A ASSET, BRAND NEW, UH, CURRENTLY AT 90% LEASED WITH NI UH, 90% OCCUPIED, 90, 93% LEASED.
UH, BY THE TIME WE CLOSE THIS, WHICH IS TARGETING, UH, IN AUGUST, WE'LL BE CLEARLY ABOVE 95%.
UM, THIS IS OWNED, UH, IS ACTUALLY OWNED TODAY.
AND BEING, IT WAS BUILT BY, UH, J P I, SO A LOCAL DEVELOPER HERE IN TOWN.
YOU GUYS ARE PROBABLY FAMILIAR WITH JPI.
UM, 73% OF THE UNITS ARE STUDIOS.
UM, 17% OF THE UNITS ARE STUDIOS, 60% ARE ONE BEDROOMS AND THE BALANCE ARE TWO BEDROOMS TOO BAD.
UM, THIS HAS ALL THE AMENITIES YOU WOULD EXPECT TO SEE IN A CLASS A ASSET.
THEY'VE GOT A SKY DECK, THE CITY VIEWS, THEY'VE GOT A BIG RESORT POOL, UH, OUTDOOR KITCHEN BY THE POOL.
I'M GONNA READ ALL THIS TO YOU, BUT, BUT THIS IS CLEARLY WHAT YOU WOULD CONSIDER TO BE A CLASS A ASSET TODAY IN TERMS OF THE INDUSTRY.
BEYOND THIS, THIS JUST SHOWS THE PROCESS.
UM, YOU GUYS HAVE SEEN THIS BEFORE THE SLIDE.
THIS IS ESSENTIALLY THE, THE EFFECTIVELY THE, THE BENEFITS TO THE PROGRAM RELATING TO THE RESIDENT, UH, SAVINGS, UH, THE COMMUNITY BENEFITS, UH, THE LONG TERM, UM, ASSET PERFORMANCE IN TERMS OF HOW IT'S GONNA BE OPERATED.
AND THEN ULTIMATELY THE BENEFITS TO THE D H F C.
UM, TO GO TO THE NEXT PAGE, UM, THIS IS ESSENTIALLY GOING TO BE, UM, UH, SET UP IN THE SAME ESSENTIAL WORKFORCE HOUSING BOND PROGRAM WE'VE SEEN BEFORE.
UM, THIS IS SORT OF, UH, REDUNDANCY, WHAT I'VE SAID BEFORE.
SO THIS IS REALLY THE MEAT AND POTATOES, THESE NEXT TWO SLIDES.
UM, SO THIS IS SHOWING YOU THAT IN ESSENCE, ON THIS PARTICULAR PROPERTY, WE'RE GETTING CLOSE TO, UH, $689 SAVINGS, $8,200 A YEAR, WHICH IS FAR EXCEEDS ANY OTHER PROJECT WE'VE DONE.
AND I WOULD TELL YOU, I DON'T WANNA SAY YOUR EXPECTATION, THIS IS AN ANOMALY COMPARED TO WHAT WE'VE SEEN BEFORE, BUT WE HAVE THIS OPPORTUNITY TO BUY THIS ASSET.
AND, UH, THIS WILL CREATE GREAT HOUSING FOR MANY, MANY YEARS FOR THE CITY, UM, AND WILL
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BE A HUGE IMPACT ON PROVIDING HOUSING TO RESIDENTS THAT REALLY NEED TO BE, UM, UM, HOUSED NEAR THEIR JOBS.UM, WE, UH, WE LOOK AT THE DEMAND IN THIS PARTICULAR SUB-MARKET, AND THERE'S ESSENTIALLY, UH, JUST TO GIVE YOU SOME, SOME STATISTICS HERE, UM, LET ME GRAB THIS.
UM, WE IDENTIFIED ABOUT 75,000 HOUSEHOLDS IN THIS AREA, UM, OF WHICH, UH, TODAY, UM, ABOUT 11,000 OF RENTER HOUSEHOLDS ARE IN THE EIGHT 60, 80% A I LEVEL, UM, WITH THIS PROPERTY.
AND, AND OBVIOUSLY THE NEXT ITEM ON THE AGENDA IS TO PROVE THAT IT'S YOU URBAN FLATS, WHICH IS NEARBY THE COMBINED, THERE'LL BE WHEN YOU TAKE OUT HALF OF THESE UNITS TO 80% OR LESS.
AND ALSO IF AT YOU IT'S TOTAL ABOUT 400 UNITS IN THIS SUB-MARKET WILL BE SET UP FOR, UM, 80% OR LESS.
THAT'S ONLY ABOUT 4% OF THE DEMAND ON THE TOTAL MARKETPLACE.
SO TO GIVE YOU A SENSE OF, OF THE DEMAND IN THIS MARKET FOR THIS PARTICULAR PRODUCT, IT'S NORMS. AND THIS WILL REALLY SATISFY A LOT OF THAT.
UM, SO I WANT TO GO TO THE NEXT SLIDE, PLEASE.
THE OTHER THING THAT IS, AGAIN, IT'S A LITTLE BIT MORE THAN WE'VE SEEN IN THE PAST, IS WITH THIS RENT SAVINGS, WHICH IS GONNA BE ENORMOUS OVER THE COURSE OF THE 15 YEAR PERIOD HERE, UH, COMBINED WITH THE, UH, THE, THE FEES THAT GO TO D H F C, ALONG WITH THE POTENTIAL DISPOSITION PROCEEDS, THE RETURN ON THE PUBLIC BENEFIT TO THE PROPERTY ON THE TAX SUBSIDIES OVER A THOUSAND PERCENT, ALMOST 1100%.
SO IT'S A BIG RETURN TO THE D H F C OVER THE COURSE OF 15 YEARS.
AND IF YOU CAN THINK FAR AHEAD IN YEAR 35, UM, IT'S, AGAIN, IT'S AN ENORMOUS AMOUNT OF POTENTIAL, UH, PROCEEDS TO D HFC IN THE LONG TERM AT SOME POINT.
AND THIS GIVES YOU, AS YOU KNOW, LOTS OF FLEXIBILITY IN TERMS OF BEING ABLE TO RECAPITALIZE OR TO ESSENTIALLY CREATE TRUST OR DO WHETHER YOU WANT WITH THIS, THIS ASSET, THIS BECOMES YOUR ASSET.
YOU GET A HUNDRED PERCENT OF THE EQUITY OF THE ASSET, AND THIS IS ALL ABOUT BEING ABLE TO PROVIDE, REALLY PROVIDE AFFORDABLE HOUSING THAT COMES GOING TO FOR THE COMMUNITY.
UM, LET'S GO TO THE NEXT PAGE, PLEASE.
UM, SO IN SUMMARY, UM, THIS IS A UNIQUE OPPORTUNITY FOR US TO BUY THIS ASSET.
UH, THIS IS ESSENTIALLY, UH, RENT SAVINGS OF IMMEDIATELY, OF ALMOST $8,200 A YEAR.
UH, IT'S NON RECOURSE TO DH FFC.
UH, WE WE'RE A VERY EXPERIENCED TEAM IN DOING THIS BUSINESS AND RUNNING THESE ASSETS AS AN ASSET MANAGEMENT COMPANY.
UM, YOU OWN THE PROPERTY FREE AND CLEAR, YOU HAVE POTENTIALLY SIGNIFICANT, UM, VALUE CREATION.
AND, UM, ULTIMATELY, UM, IT'S READY TO BE, UH, UH, UH, PURCHASED.
AND, UH, WE'RE LOOKING TO CLOSE THIS.
UH, WE'RE LOOKING TO COME BACK TO YOU IN THE FIRST PART OF JULY, OR YOUR MEETING JULY 11TH, AND THEN CLOSE IT IN AUGUST.
UM, SO I'M HERE TO ANSWER ANY QUESTIONS YOU MIGHT HAVE AT THIS TIME.
I'LL OPEN IT UP FOR ANY QUESTIONS, NO QUESTIONS BY ANYTHING.
UM, I DIDN'T SEE, DID YOU HAVE A SLIDE THAT, THAT SHOWED A, UM, A BREAKOUT OF RENT SAVINGS BY UNIT? YES, PLEASE.
I GO BACK TWO SLIDES, PLEASE HERE.
HARD TO READ THAT, BUT THAT WILL SHOW YOU THE, UH, RENT SAVINGS.
I CAN SUMMARIZE IT IF, IF YOU WANT.
I'VE GOT IT ON MY SCREEN WHERE IT'S BIGGER
IT'S BASICALLY, IT WILL GO DOWN ON A ONE BIT ON A STUDIO.
IT'LL GO DOWN FROM CURRENT IN PLACE, WHICH IS DIFFERENT THAN CURRENT MARKET FROM 1620 TO 1476.
BUT THE VERY SIGNIFICANT THING IS THAT 265 UNITS ARE ONE BEDROOMS AND THEY GO DOWN FROM 1977 IN PLACE TO 1581.
AND THEN THE TWO BEDROOMS GO DOWN FROM 3000 TO 1896.
AND, UH, DID YOU CONSIDER ANY, UM, DEEPER AFFORDABILITY? NOT AT THIS, UH, TIME, NO.
WHY? THIS IS PRETTY DEEP IN TERMS OF WHAT WE CAN CREATE TO BE ABLE TO GET TO THE POINT OF PEOPLE TO AFFORD THIS ASSET.
SO FROM A FINANCIAL PERSPECTIVE, THIS IS MUCH
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ONE OF THE STRUGGLES THAT WE'RE HAVING HERE, AND ONE OF THE STRUGGLES THAT I THINK WE'RE GONNA HAVE IN THIS THING IS THE COUNCIL IS SHOWING THAT THE LONG TERM, UH, TAX EXEMPTIONS HAVE A REAL PUBLIC BENEFIT.YOU'RE SHOWING THROUGH THE COST, THE MONTHLY COST SAVINGS, BUT 80%, UM, IN MANY PARTS OF THE CITY IS MARKET.
UM, WE'VE DONE DEALS BEFORE WHERE WE'VE HAD AT LEAST 10% OF THE UNIT SERVICE, 60% AM I AND LESS.
AND I THINK WE REALLY NEED TO LOOK AT HOW WE GET, I'M CONCERNED WE DON'T HAVE ANY, UM, AND WE'RE GONNA HAVE TO DEFEND THIS.
YEAH, I, I AM AWARE THAT THAT HAS, UM, BEEN A DISCUSSION POINT HERE AND, UM, WE'RE AWARE OF THAT IN TERMS OF LOOKING AT, YOU KNOW, OTHER PROPERTIES TRY TO ACCOMPLISH THAT.
UM, IN THIS PARTICULAR CASE, I, I, I CAN'T GET ANY DEEPER THAN THIS CAUSE WE'RE PAPER THE ASSET, BUT CLEARLY THAT IS SOMETHING THAT WE, UH, WE UNDERSTAND.
I WOULD THINK IN THIS CASE, GIVEN WHERE THIS IS LOCATED AND IT'S PROXIMITY DOWNTOWN AND JUST ALL THE POSITIVE FEATURES TO IT, THAT CLEARLY THE BENEFIT IS, UM, PRETTY FAR REACHING AND, AND, AND, AND JUST IN TERMS OF WHAT YOU SEE HERE, BUT IN TERMS OF REACHING THE LOWER INCOME LEVELS, UM, YOU KNOW, I CAN'T, UM, I CAN'T AFFORD TO DO THAT.
YOU CAN'T AFFORD, WE CAN'T AFFORD IT AS A TEAM TO PUT THIS IN PLACE, THAT LEVEL OF PORTABILITY, RIGHT.
AND I THINK THAT ONE OF THE BIG THINGS, UM, THAT I THOUGHT WAS SO ATTRACTIVE ABOUT THIS ONE IS THAT THERE'S GONNA BE THIS HUGE, UM, MIXED USE PROPERTY GOING UP NEXT DOOR, BRAND NEW, INCLUDING PROBABLY SOME LUXURY APARTMENTS, UM, BUT ALSO SOME RETAIL, SOME MAYBE SOME OFFICE.
I'M NOT AS FAMILIAR WITH THAT WHOLE PROPOSAL, BUT I THOUGHT IT WAS, UM, SIGNIFICANT IN OUR SUMMARY THAT IT SAID THAT, YOU KNOW, IF WE DON'T DO THIS NOW, YOU KNOW, AS THAT DEVELOPMENT GOES UP, THERE WILL REALLY BE NO CHANCE TO GET SOME AFFORDABILITY IN THAT PART OF TOWN OR RIGHT ADJACENT TO THAT, UM, PROPERTY.
QUESTION, WHAT IS THE NEAREST AFFORDABLE HOUSING LOCATED IN ITS CURRENT PROPOSAL? SAY THAT MORE TIME.
SAY, WHERE'S THE NEAREST, UH, LOCATED, AFFORDABLE, UM, MULTIFAMILY COMPLEX NEAR THIS? I DON'T KNOW THE ANSWER TO THAT.
YEAH, I DUNNO THE ANSWER TO THAT.
I DON'T THINK THERE IS NEARBY.
UM, SO FIRST'S POINT I, THIS, THIS IS, THIS IS A VERY UNIQUE, UH, UH, I DON'T SAY OPPORTUNITY SAYING THAT, BUT IT REALLY IS.
AND SO TO BE ABLE TO ACQUIRE AN ASSET OF THIS NATURE IN THIS LOCATION, WHICH I THINK WILL ULTIMATELY BRING INCREDIBLE AMOUNT OF HOUSING, AFFORDABLE HOUSING TO TWO JOBS, AND TO, YOU KNOW, TO MASS TRANSIT, TO, TO WALKABLE AREAS, TO, YOU KNOW, TO THE COMMUNITY.
I THINK IT'S, UH, IT'S A GREAT LONG-TERM INVESTMENT FOR THEM.
AND TELL US ABOUT THE NEAREST, UM, SCHOOLS IN THE AREA.
IN OTHER WORDS, THE TENANTS OF THIS PROPERTY.
WHERE WILL THEIR KIDS GO TO SCHOOL? I NEED TO LOOK AT THAT.
I HAVE, DON'T KNOW THE ANSWER TO THAT.
MAYBE LAUREN, UH, WHO'S ONLINE MIGHT BE ABLE TO ANSWER THAT.
SHE'S DONE A LOT OF RESEARCH ON THIS.
LAUREN, DO YOU HAVE A COMMENT ON THAT? I, I DON'T HAVE THAT DATA.
WE DON'T HAVE THAT DATA ALSO IS THE, WHERE'S THE NEAREST, LIKE T O D MO? NO, LOCATED AT, IT'S ABOUT 0.6 MILES AWAY.
UH, THERE'S A STATION THERE, UH, IT'S CALLED THE, UM, UH, CITY PLATE STATION.
AND THEN THE NEAREST BUS, UH, IS LIKE, THERE'S TWO, TWO WHERE ABOUT MAYBE A THIRD OF MILES.
SO NO BUS STOP RIGHT NEAR VAUGHN? NO, IT'S ABOUT THREE BLOCKS ROW.
UH, I WILL SAY I DO LOVE THE, THE RENT SAVINGS TO THE RESIDENTS ON THIS, AND IT IS IN A FANTASTIC LOCATION OF TOWN.
UM, I CAN CERTAINLY GET BEHIND THIS, IF Y'ALL COULD LOOK AT THE NEXT ONE AT KIND OF SOME OF THAT DEEP REPORTABILITY TRYING TO GET TO SOME OF THOSE SIXTIES, ASSUMING THE ECONOMICS PENCIL.
YEAH, NO, I MEAN, I, I, I UNDERSTAND THAT.
UM, AND, UM, THAT'S SOMETHING THAT WE ARE,
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UH, LOOKING AT TRYING TO FIGURE THAT OUT.UM, WE, WE WORK A FINE LINE HONESTLY, BETWEEN COMPETING WITH MARKET RATE BUYERS AND, AND THE PRODUCT.
SO WE WANNA MAKE SURE WE'RE ABLE TO, UM, YOU KNOW, BRING A PIPELINE OF PROJECTS TO YOU THAT ARE GOOD PROJECTS, THEY'RE GOOD COMMUNITIES FOR LAB.
BUT, BUT AGAIN, I UNDERSTAND THAT, I UNDERSTAND WHAT YOU GUYS ARE, ARE TRYING TO ACCOMPLISH OVERALL HERE, SO.
UM, CAN YOU TELL ME HOW MUCH ARE YOU PAYING FOR THIS PROJECT? OR ARE WE PAYING FOR THE PROJECT TO PROPOSE TODAY? UM, TOTAL BOND ISSUANCE WOULD BE ABOUT 155 MILLION.
I'M SORRY, HOW MUCH? 55 MILLION HUNDRED 55 TOTAL, TOTAL BOND ISSUANCE, BUT THE PURCHASE, I THINK IS 1 31 PURCHASE PRICE.
AND SO THIS PROPERTY WAS RECENTLY COMPLETED.
AND SO DO YOU HAVE ANY SENSE AS TO WHAT THE SELLER'S COST BASIS IN THIS PROPERTY IS? I DON'T.
UM, WHAT ABOUT BEFORE FACTORING IN THE, UH, PROPERTY TAX SAVINGS, WHAT IS THE GOING FORWARD 12 MONTH CAP RATE ON THIS PROPERTY BE BEFORE AND AFTER FACTORING THE, UH, PROPERTY TAX? YEAH, I, UH, ESTIMATE THAT THE, UH, MARKET CAP RATE AT THIS PRICE IS ABOUT FOUR 80, PROBABLY 4 85 MM-HMM.
THIS WAS A MARKETED PROPERTY THAT WAS IN CONTRACT IN THE FALL.
UM, I WAS HERE IN THE FALL AND TOURED IT WITH THE BROKER, STAYED IN TOUCH.
UH, WE HAVE A GOOD RELATIONSHIP WITH THE SELLER, OUR COMPANY, AND SO WE PUSHED HARD, PUSHED HARD, PUSHED HARD, YOU HAVE TO GET THEM TO AGREE TO SELL.
AND FINALLY, UM, THEY, I DID AGREE AT, AT, AT THE PRICE.
NOW THE PRICE THEY HAD IN CONTRACT WITH IS TO KIND OF SHARE THIS WITH YOU ORIGINALLY REPORTEDLY WAS ANOTHER 8 MILLION HIGHER MM-HMM.
SO WE WERE ABLE TO GET A LOWER PRICE TO BE ABLE TO GET IT TO WORK WITHIN THE PROGRAM.
SO WE, WE, WE PUSHED HARD ON THAT PRICE AND, UM, WE THINK IT'S A GOOD PRICE FOR THE ASSET.
AND I GUESS, YOU KNOW, GETTING, AND I THINK THIS IS A GREAT LOCATION.
I LIKE THIS, I KNOW THIS PROPERTY, UH, VERY WELL.
IT'S OUTGOING UP, AND I, I KNOW THIS NEIGHBORHOOD VERY WELL.
I THINK IT'S AN EXCELLENT LOCATION.
UM, THE, AND I UNDERSTAND WHY IT'S AN OPPORTUNITY FOR US.
I GUESS WHAT, ONE OF THE THINGS I STRUGGLE WITH IN ALL OF THESE IS WHAT IS THE, UM, BECAUSE WE'RE NOT PUTTING ANY EQUITY INTO THIS OURSELVES.
UM, WHAT IS THE PRIMARY, WHO'S THE, IS IT CITI THAT'S THE PRIMARY PARTY THAT'S LOOKING OUT TO ENSURE THAT WE'RE NOT OVERPAYING FOR THIS? AND THE CHECK BEING THAT IF, UH, THE PRICE IS TOO HIGH, WE'RE NOT GONNA BE ABLE TO, TO PLACE THE BONDS? IS THAT, IS THAT KIND OF HOW IT WORKS? OR COMBINATION OF CITY AND ALSO, UM, BRAXTON HERE.
AND WE WORK VERY CLOSELY WITH CITY AND WITH HILLTOP.
AND, UH, WE, WE ALSO HAVE A THIRD PARTY UNDERWRITER.
FIRST HOUSING AND FIRST HOUSING.
THERE'S A NUMBER OF PEOPLE THAT ARE LOOKING OUT FOR EVERYONE'S BEST INTEREST HERE.
UM, IS ONE OF THE QUESTIONS I'M STARTING TO GET IS THIS PROGRAM IS ROLLING OUT IS I HAVE PEOPLE CALLING ME OWNERS OR PROPERTY SAYING, WOW, IT SOUNDS LIKE D HFC IS, YOU KNOW, ACTIVELY OUT BUYING PROPERTIES.
UM, HOW DO WE GET, UH, YOU KNOW, THE OPPORTUNITY TO SELL OUR PROPERTY INTO THIS PROGRAM? AND SO I, I ASSUME THAT YOU'RE OUT LOOKING, YOU KNOW, SCOURING THE MARKET AND LOOKING AT A BUNCH OF STUFF, AND HOW DO YOU KIND OF DETERMINE WHICH ONES ARE THE, YOU KNOW, THE BEST DEALS, THE THINGS THAT YOU'RE GONNA PURSUE, AND WHICH ONES ARE TOO, TOO HIGH PRICED? AND, UM, STOP THAT.
I MEAN, IT'S THIS LOCATION MM-HMM.
IT'S, IT'S, IT HAS TO BE WITHIN A CERTAIN AMOUNT OF RENT THAT IS ADJUSTMENT TO A I TO SEE A SAVINGS IMMEDIATELY.
THEY DON'T WANNA SEE SMALL DEALS.
UM, IT DOESN'T MAKE ANY SENSE FOR THEM.
SO THIS IS, THIS, THIS IS ACTUALLY RIGHT DOWN THE MIDDLE OF WHERE WE THINK IT SHOULD BE IN TERMS OF SIZE OF ISSUANCE.
UM, IT'S ON THE LARGER SIDE OF TEXAS, HONESTLY.
UM, SO TO THAT, TO THAT END, THAT'S, THAT'S KIND OF OUR, YOU KNOW, OUR STRATEGIC INVESTMENT IN THE PLAN, SO TO SPEAK.
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I THINK WE'RE TRYING TO, YOU KNOW, LOOK OUT FOR YOUR BEST INTEREST ALONG THE WAY HERE TOO.I MEAN, WE'RE, WE'RE, WE'RE, WE'RE GONNA BE ASSET MANAGER OF THIS PROPERTY FOR A LONG TIME, AND WE WANNA MAKE SURE THAT WE'RE WORKING ON YOUR BEHALF TO MAKE SURE THAT WE'RE ACQUIRING ASSETS THAT ARE GONNA PERFORM, AND THEY GONNA BE LOCATED IN AN AREA THAT OHIO HAVE, YOU KNOW, DE DEMAND AS WELL AS PROVIDE SAVINGS TO THE RENTERS LONG TERM.
AND ON THIS DEAL, YOU'RE, CAN YOU OUTLINE, UH, YOUR COMP THE TERMS OF YOUR COMPENSATION? YOU GET THE UPFRONT FEE, AND THEN JUST CAN YOU, CAN YOU RUN THROUGH THAT PRETTY QUICKLY? WELL, WE GET UPFRONT FEE, UM, AND THAT'S HOW MUCH, THAT'S $2 MILLION.
AND THEN WE, UM, WE END UP WITH A, UM, ASSET MANAGEMENT FEE OF $500 PER UNIT PER YEAR.
UM, AND THEN WE ARE ISSUED A SUBORDINATED, UH, SUB BOND THAT, UM, IS IN THE RANGE.
UM, RIGHT NOW IT'S 5 MILLION MM-HMM.
SO WE'RE MOTIVATED TO MAKE SURE THE ASSET IS CASH FLOWING MM-HMM.
SO FOR LOOKING AT ALIGNMENT OF INTEREST HERE, AND I UNDERSTAND WHY LEGALLY, UM, YOU CAN'T HAVE AN EQUITY INTEREST IN THIS PROPERTY, BUT THIS, YOUR SKIN IN THE GAME, IS THIS DEFERRED, UM, FEE THAT'S SECURED BY THIS, THIS SUBORDINATED? UH, IS THAT CORRECT? WE'RE HIGHLY MOTIVATED TO MAKE SURE THAT'S PAID.
ANY OTHER QUESTIONS? ALL RIGHT, SO, OH, I HAVE ACTUALLY HAVE ONE MORE, SO, OKAY, GO AHEAD.
GETTING TO THIS LOCATION, I THINK IT'S, IT'S A GREAT LOCATION.
UM, THE, HAVE YOU HAD ANY DISCUSSIONS WITH THE CITY'S DEPARTMENT OF TRANSPORTATION ABOUT, UM, AS THIS ENTIRE SITE, WHICH I THINK IS LEON CAPITAL, UM, I MEAN NOT LEON CAPITAL WAS, UM, DE LAVEGA YEAH.
FERNANDO DE LAVEGA, WHO'S THE, BASICALLY ACQUIRED THIS ENTIRE PARCEL.
AND I THINK AS, UH, THE PRESIDENT MENTIONED, THERE'S A LOT OF, UH, DEVELOPMENT PLANNED FOR THIS AREA BETWEEN THIS SITE AND THIS SERVICE ROAD, HOW PEOPLE ARE GONNA GET CONNECTED TO THE OTHER SIDE OF CENTRAL EXPRESSWAY THERE.
I THINK, YOU KNOW, THE, THE DART RAIL STATION IS GREAT THERE AND YOU'VE GOT A LOT OF BUS ROUTES THAT TERMINATE THERE AT THAT DART, UM, BUS STOP.
BUT THAT, HOW DOES THIS THING GET TIED IN BETTER TO THE AREA THAT'S ON THE OTHER SIDE OF CENTRAL WHERE WEST VILLAGE AND, AND ALL THAT COMMERCIAL DEVELOPMENT IS? I HAVE NOT SPOKEN WITH, UH, CITY ON THAT.
BUT I CAN CERTAINLY ASK THAT QUESTION FOR YOU.
BEST, I THINK THAT'S, I, I SPOKE TO THE, UM, DIRECTOR OF TRANSPORTATION LAST SITE AND I KNOW THIS AREA IS ONE THIS WHOLE SITE CONCERNED ABOUT HOW TO GET PEOPLE AS, AS THAT SITE GETS BUILT OUT, HOW, HOW TO GET PEOPLE IN AND OUT OF THAT LOCATION.
CUZ IT'S, THE ACCESS IS A BIT CHALLENGING THERE FROM A, YOU KNOW, MOTOR VEHICLE STANDPOINT AND FROM A WALKABILITY STANDPOINT, GETTING ACROSS THE EXPRESSWAY RIGHT NOW IS, IS A BIT CHALLENGING.
SO I THINK THAT'S SOMETHING, YOU KNOW, TO THE EXTENT.
UM, AND I ENCOURAGE YOU TO, UM, TALK TO, UH, UH, THE DIRECTOR OF TRANSPORTATION DEPARTMENT ABOUT THAT.
IF I COULD SPEAK JUST FOR A SECOND, RYTON PARSONS FINANCIAL ADVISOR, HILLTOP, UH, SECRETARY PAGE.
I KNOW YOU DID MENTION JUST, UH, JUST WHAT KIND OF A, YOU KNOW, HIS BACKGROUND CHECKS GOES INTO THE, THE FINANCIALS OF THIS AND EVENTUALLY WE WILL ENGAGE, UH, FIRST HOUSING FOR A THIRD PARTY REPORT.
SO THIS IS KINDA THE FIRST MEETING, SO THAT HASN'T OCCURRED YET.
BUT LOOKING AT THE PRELIMINARY CASH FLOWS, THE, THE TRANSACTION DOES CASHFLOW WELL, UM, LOOKING AT THIS, THERE ARE, I GUESS, RESERVE DRAWS THAT, THAT ARE REQUIRED TO, TO OCCUR FOR THE INTEREST TO BE PAID AND CERTAIN FEES TO GO THROUGH, BUT THAT'S NOT ABNORMAL FOR THESE TYPE OF TRANSACTIONS.
SO AT THIS TIME WE, WE ARE COMFORTABLE KIND OF MOVING FORWARD WITH THE TRANSACTION.
AND, AND TO BE CLEAR, I, YOU KNOW, I DON'T WANT ANYBODY TO MISINTERPRET MY QUESTIONS AS BEING CRITICAL OF THIS PROGRAM.
I'M HIGHLY SUPPORTIVE OF IT, BUT I THINK AS WE'RE ROLLING IT OUT, UM, WE GOTTA ENSURE THAT WE'RE ALWAYS, UM, NOTWITHSTANDING THE FACT THAT WE'RE NOT HAVING TO WRITE A CHECK OURSELVES, THAT WE'RE NOT OVERPAYING FOR THESE AND THE CAP RATES ARE, YOU KNOW, WELL JUSTIFIED RELATIVE TO THE, TO THE MARKET.
AND THAT WE DON'T, UM, OPEN OURSELVES UP TO CRITICISM THAT WE'RE OVERPAYING FOR, FOR PROPERTIES.
AND, AND, UM, AND I DON'T THINK WE ARE IN THIS CASE.
AND I THINK THIS IS, UM, RIGHT IN THE PATH OF WHERE THERE'S GONNA BE REAL AFFORDABILITY CHALLENGES.
CAUSE THAT WHOLE AREA IS DEVELOPING, UM, VERY RAPIDLY AND GENTRIFYING VERY RAPIDLY TO THE EAST.
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ALREADY HAS ON THE WEST SIDE OF THE EXPRESSWAY.SO THIS IS, YOU KNOW, A HIGH OPPORTUNITY ZONE.
I THINK IT'S A GREAT, GREAT LOCATION, BUT IT'S JUST SOMETHING I HOPE, YOU KNOW, WE ALWAYS KEEP IN, KEEP IN MIND, AND THAT THERE'S, YOU KNOW, ALL BECAUSE EACH ONE OF THESE TRANSACTIONS ENDS UP IN THE DALLAS MORNING NEWS AND GETS A LOT OF SCRUTINY.
SO, UM, THAT'S THE ONLY POINT I'M TRYING TO MAKE HERE.
SO, UM, I WILL OPEN IT UP FOR SOMEONE TO MAKE A MOTION FOR APPROVAL, MOVE TO APPROVE THE MOU.
UM, ALL RIGHT, SO LET ME GO THROUGH, I DON'T, DIRECTOR ALLEN IS IN HERE, IS HE? I DON'T THINK SO.
UM, SO DIRECTOR PHARAOH, DIRECTOR GARCIA, I'M SORRY.
VICE PRESIDENT GARCIA APPROVE.
UH, DIRECTOR ELLIS, WHERE DO YOU THINK, OH, HE'S, MATTHEW, HE'S ABSTAINING CAUSE HE HAS OKAY.
UM, I'M IN FAVOR, UH, DIRECTOR VERNON IN FAVOR, UH, DIRECT, UH, SECRETARY PAGE IN FAVOR, TREASURER MARTINEZ, UH, DIRECTOR LEWIS IN FAVOR, UM, AND DIRECTOR COLLINS IN FAVOR.
UM, AND I, AND I JUST WANNA, UH, ALSO ADD THAT, UM, THAT WE JUST GOT BACK AND THERE WILL BE A REPORT AT THE VERY END OF THE MEETING, BUT WE JUST GOT BACK FROM NAFA, WHICH IS THE, UM, CONFERENCE WHERE HOUSING FINANCE, THEY CALL 'EM HOUSING FINANCE AGENCIES.
WE CALL IT A CORPORATION HERE, BUT HFAS OR HFCS, UH, GET TOGETHER AND HEAR PANELS.
AND, UM, AND, AND THE RECURRING THEME WAS, WELL, THERE WERE TWO THINGS.
NUMBER ONE, THAT, UH, THE VOLUME CAP, UM, MAKES IT MUCH MORE DIFFICULT TO DO LITECH DEALS.
AND THOSE LITECH DEALS ARE, YOU KNOW, USUALLY WHERE WE CAN GET, YOU KNOW, SOME, SOME DEEP AFFORDABILITY.
UM, SO, UH, SO THAT'S UNFORTUNATE.
AND, AND I THINK WE CAN TELL JUST FROM THIS BOARD, YOU KNOW, FROM OUR MEETINGS OVER THE PAST MONTHS THAT, UH, OTHER THAN REHAB, UH, WE, WE HAVE NOT HAD ANY LITECH DEALS THAT ARE NEW CONSTRUCTION.
SO WE WOULD LOVE TO, TO PROVIDE AS DEEP AFFORDABILITY AS WE POSSIBLY CAN, BUT, YOU KNOW, UM, THERE ARE CONSTRAINTS IN THIS, IN THIS, UM, MARKET.
AND SECONDLY, ANOTHER BIG THEME WAS, UM, HOW, HOW, UM, YO HOW TEACHERS, HOW TEACHERS AND, UH, POLICE, UH, OFFICER, HE'S THE OWNER OF UNITED CIVIL.
AND, UM, HE'S DEFINITELY GONNA TAKE A LOOK AT IT.
IT MIGHT BE A LITTLE SMALL FOR HIM, BUT I SAID, HEY, WE REALLY NEED YOU.
I THINK SOMEONE'S MIC IS OPEN ON ZOOM.
CITY JUAN WANTS ALL THIS INFORMATION.
HE'S LIKE, WELL, I KNOW WHAT CITY JUAN WANTS.
UM, IF ANYONE IS ON ZOOM AND HAS THEIR MIC OPEN, PLEASE DEVELOPMENT WITH THE CITY.
YEAH, SO LIKE, WE'RE BEHIND THE SCENES ON THAT.
THEY DUNNO, WE'RE WORKING ON IT, BUT, OKAY.
UM, THE OTHER THING THAT CAME OUT IS, UM, THAT THE SALARY LEVELS FOR OUR ESSENTIAL WORKERS, INCLUDING TEACHERS, FIREFIGHTERS, POLICE OFFICERS, UM, UH, USUALLY WE'LL PUT THEM WHERE THEY DON'T QUALIFY FOR THE LITECH DEALS.
THEY DON'T QUALIFY AT THAT 60%.
AND SO THE WHOLE GOAL WITH THESE, UH, PROPERTIES THAT WE'VE BEEN APPROVING, NUMBER ONE, WE DON'T HAVE THE TO WAIT FOR CONSTRUCTION, BUT SECONDLY, UH, WE CAN PROVIDE, UM, A, A WAY FOR THOSE WORKERS TO BE ABLE TO LIVE IN THE CITY OF DALLAS AND NOT LIVE IN THE OUTSKIRTS.
SO, UM, WHICH HELPS OUR, UM, SALES TAX BASE AND, UH, AND, AND JUST HELPS THEM BE WILLING TO TAKE JOBS HERE BECAUSE THEY WANNA LIVE
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CLOSE TO WHERE THEY WORK.SO, UM, SO WE ARE NOT, YOU KNOW, I THINK WHAT I, THE WAY I'LL SUMMARIZE IS TO SAY HERE WE WERE AT NAFA WITH PEOPLE ALL OVER THE COUNTRY AND EVERYONE IS ENCOUNTERING THIS, THESE SAME, UH, OBSTACLES AND, AND HAVING VERY FEW WAYS TO SOLVE THEM.
AND THIS IS ONE, ONE WAY THAT PEOPLE ARE DOING THAT.
SO JUST TO GIVE MY LITTLE EDITORIAL, UM, OKAY.
SO NOW WE HAVE TWO, UM, VOLUMINOUS SETS OF DOCUMENTS THAT WERE SENT OUT, UH, SO THAT WE CAN FINALIZE TWO OF THE TRANSACTIONS THAT WE'VE APPROVED PREVIOUSLY, WHICH IS EXCITING BECAUSE WE'LL BE ABLE TO GET THOSE TO ACTUALLY COME ON BOARD AND START SERVING THE PEOPLE THAT WE'RE TRYING TO SERVE.
SO ITEM SEVEN IS TO CONSIDER AN ADOPT A RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF RESIDENTIAL DEVELOPMENT REVENUE BONDS SERIES 2023, FITSU URBAN FLATS, APPROVING THE FORM AND SUBSTANCE OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS AND INSTRUMENTS NECESSARY TO CARRY OUT THE FINANCING OF THE MULTIFAMILY RENTAL RESIDENTIAL DEVELOPMENT OF FITSU URBAN FLATS, AND CONTAINING OTHER PROVISIONS RELATING TO FITSU URBAN FLATS, A MULTIFAMILY RESIDENTIAL DEVELOPMENT LOCATED AT 27 0 7 NORTH FITSU AVENUE.
UM, AND I WILL JUST ALSO SAY THAT, UM, THAT THE DOCUMENTS WE GOT WERE ALL OF THE, YOU KNOW, WHAT I WOULD CALL THE FINANCING DOCUMENTS, UM, THE SALE DOCUMENTS SUCH AS THE SPECIAL WARRANTY DEED, THE BILL OF SALE, THE ASSIGNMENT OF LEASES AND RENTS.
UM, WERE NOT IN YOUR PACKET, SO I WOULD LIKE TO, UH, HAVE THE MOTION INCLUDE THAT THOSE, UH, DOCUMENTS CAN BE SIGNED, UM, AS LONG AS THEY HAVE MET THE APPROVAL OF OUR ATTORNEYS, YOU KNOW, AND, AND FORMS OF THOSE DOCUMENTS WERE ATTACHED TO THE CONTRACT OF SALE.
BUT JUST THOSE FINAL DOCUMENTS, I WOULD JUST ASK THAT WHEN THE BOARD APPROVES THIS MOTION THAT WE AUTHORIZE, UH, OUR COUNSEL TO REVIEW THOSE AND MAKE SURE THAT, UM, THAT THEY'RE SATISFACTORY.
SO DO I HAVE ANY QUESTIONS? OKAY,
UM, LET ME GET ONE PRESIDENT HEEN, JUST ONE POINT ON THE RESOLUTION THAT WAS INCLUDED IN YOUR PACKET IS THAT IT DID NOT INCLUDE ANY TYPE OF, IT HAD A OVERALL CAP, BUT DID NOT INCLUDE A CAP ON THE C BONDS WE'RE ADDING.
THERE WAS A CAP BEING ADDED AT $5 MILLION.
SO, UH, DIRECTOR FARROW
UH, DIRECTOR VERNON BRUCE, DIRECTOR PA UH, SECRETARY PAGE APPROVE.
TREASURER MARTINEZ, UH, DIRECTOR LEWIS APPROVE AND DIRECTOR COLLINS.
UM, THE NEXT ONE IS TO CONSIDER AN ADOPT A RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF RESIDENTIAL DEVELOPMENT REVENUE BONDS SERIES 2023 DOMAIN AT MID MIDTOWN PARK APPROVING THE FORM AND SUBSTANCE OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS AND INSTRUMENTS NECESSARY TO CARRY OUT THE FINANCING OF THE MULTIFAMILY RENTAL RESIDENTIAL DEVELOPMENT OF DOMAIN AT MIDTOWN PARK AND CONTAINING OTHER PROVISIONS RELATING TO DOMAIN AT MIDTOWN PARK, A MULTIFAMILY RESIDENTIAL DEVELOPMENT LOCATED AT 81 69 MIDTOWN BOULEVARD.
UM, AND THAT WOULD HAVE THE SAME CAVEAT IN TERM TERMS OF THE SALE DOCUMENTS.
UM, AND SO I WILL ENTERTAIN A MOTION TO APPROVE.
SO MOVE, IS THAT DIRECTOR LEWIS? AND DO I HAVE A SECOND? OKAY, PLEASURE, MARTINA.
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UM, IS THERE ANY DISCUSSION? OKAY.UM, DIRECTOR FARROW APPROVE, UM, VICE PRESIDENT GARCIA APPROVE, DIRECTOR ELLIS APPROVE.
UM, I APPROVE DIRECTOR VERNON APPROVE.
UM, SECRETARY PAGE APPROVE TREASURER MARTINEZ, UH, DIRECTOR LEWIS APPROVE, AND DIRECTOR COLLINS APPROVE.
AND THEN THE NEXT ITEM ON THE AGENDA IS THE, UM, NAFA CONFERENCE.
SO I'VE ALREADY GIVEN A LITTLE BIT OF INPUT ON THAT AND I'LL TURN IT OVER TO MR. QUINTA.
I MEAN THIS IS JUST KIND OF, UH, ANECDOTAL.
WE JUST WANNA SHARE, YOU KNOW, THAT WE HAD A GREAT EXPERIENCE THERE.
I, I ENCOURAGE ANYONE WHO HADN'T HAD THE OPPORTUNITY TO COME NEXT YEAR.
UM, I THINK IT'S GONNA BE IN LAS VEGAS, SO THERE'S A LITTLE EXTRA YEAH, I SEE A FEW EXTRA ATTENDEES HERE.
UM, WE ALSO WERE ABLE TO WIN AN AWARD FOR OUR PREVIOUS, UH, PARTICIPATION IN THE MID PARK TOWERS, UM, PROJECT.
SO MARCY WAS, WAS NICE ENOUGH TO, TO BRING IT BACK IN HER LUGGAGE HERE SO YOU CAN SEE IT ONE MORE FOR THE CASE.
AND FOR THOSE OF YOU WHO, UM, WHO MAY NOT HAVE BEEN ON THE BOARD AT THE TIME THAT WE APPROVED THIS, AND SOMETHING THAT I MENTIONED WHEN I ACCEPTED THE AWARD IS THAT THE DEVELOPERS OF THIS, UH, PROPERTY THAT WE GOT THE AWARD FOR OUR, UH, WOMEN, LET'S SAY WOMEN DEVELOPMENT, FEMALE OWNED DEVELOPMENT COMPANY.
AND SO WE WERE, THEY WERE IN ATTENDANCE AND IT WAS REALLY WONDERFUL.
SO, AND UM, I'LL SAY ONE OTHER THING THAT, SPEAKING OF DEEP AFFORDABILITY, IT IS, IT'S REALLY CHALLENGING IN THIS MARKET TO ACCOMPLISH DEEP AFFORDABILITY.
AND THAT PROPERTY, WHICH USED TO BE CALLED MID PARK TOWERS AND IS NOW CALLED THE CITIZEN CITIZEN, YES, I'M ALWAYS FORGETTING WHAT IT'S CALLED CUZ I'M SO USED TO IT BEING MID PARK TOWERS CUZ IT'S IN MY NEIGHBORHOOD.
BUT, UM, BUT ANYWAY, UH, THEY HAVE BEEN ABLE TO, TO ESTABLISH SOME VERY, VERY DEEP AFFORDABILITY.
UNFORTUNATELY IT'S ALL ONE BEDROOM APARTMENT, SO THERE ARE ONLY CERTAIN, YOU KNOW, UM, PEOPLE THAT CAN, THAT, THAT CAN, UH, HAVE THEIR FAMILIES IN A ONE BEDROOM APARTMENT AND THERE'S A LOT OF SENIORS, BUT THEY'VE BEEN ABLE TO, UM, TO PROVIDE, UH, APARTMENTS FOR PEOPLE JUST, UH, EXITING HOMELESSNESS.
AND, UM, AND, AND IT'S REALLY, UM, JUST VERY GRATIFYING THAT WE WERE ABLE TO PARTICIPATE IN THIS PROPERTY AND THAT THE DEVELOPER WAS WILLING TO, UH,
AND, AND THAT IS NOT AN EASY TASK.
UH, I'VE TALKED TO, UH, I'VE GOTTA SAT WITH HER AT SOME, UH, TAB CONFERENCES AND THAT WAS THEIR FIRST ACQUISITION TOGETHER AND THEY WENT THROUGH A HARROWING ORDEAL, UH, CLOSING THAT DEAL.
AND IT WAS FROM, LET'S FACE IT, THE OWNER, THE EXISTING OWNER WAS A SLUM BOARD.
AND SO WHEN THEY STARTED REHABBING, UH, THE PROJECT MORRIS SAID THE ONE THING THAT THEY REALLY WEREN'T COUNTING ON WERE THE RATS.
SO LOOK, WE'VE DONE A LOT OF COOL STUFF ON THIS BOARD.
WE'VE BEEN DOING A LOT OF, YOU KNOW, NICE PROJECTS.
I MEAN THE ESSENTIAL BOND PROGRAM IS PRETTY COOL, BUT I HONESTLY CONSIDER MID PARK TOWER TO BE THE CROWN JEWEL.
YOU KNOW, UH, PROJECTS WE'VE DONE THREE TO FOUR YEARS I'VE BEEN ON THIS BOARD AND IT REALLY IS EXACTLY WHAT THE 4% BOND PROGRAM WAS.
IT, IT'S SUPPOSED TO BE AN EQUITY HAVE, NOW OBVIOUSLY THAT'S DOING SOME GROUND UP CONSTRUCTION WITH THE REAL ESTATE TAX RELIEF, BUT I MEAN I'M ALL FOR THE BOND PROGRAM.
UH, AND THAT'S WHY I'M ALWAYS SUPPORTIVE OF THESE RECENT INDICATIONS, EVEN IF IT'S 15 YEARS OLD PUTTING IT BACK INTO THE PROGRAM BECAUSE AS COOL AS MID PARK TOWER PROJECT WAS, WE DON'T WANT PROJECTS TO GET THAT WAY.
AND SO WE WANT TO CONTINUALLY REHAB THESE PROJECTS, UH, WHENEVER WE GET THE CHANCE TO PREVENT THAT FROM HAPPENING.
BUT WHEN WE GET AN OPPORTUNITY TO DO SOMETHING LIKE THAT, THAT'S COOL STUFF.
I WAS JUST GONNA TAG ON, I THINK THAT PROJECT, UM, YOU KNOW, IS IS UH, MENTIONED IT WAS, UM, IN PRETTY BAD CONDITION AND NOT JUST, IT WASN'T HORRIBLE JUST FOR THE PEOPLE THAT WERE, UH, UNLUCKY ENOUGH TO BE LIVING THERE, BUT FOR THE SURROUNDING NEIGHBORHOOD IT'S REALLY WAS HAVING A,
[00:45:01]
A DETRIMENTAL IMPACT ON THE, THE ENTIRE AREA.AND I THINK THEY'VE DONE SUCH A GOOD JOB IN RENOVATING THIS, THAT IT'S, IT'S HELPING TO UM, GET THAT NEIGHBORHOOD KIND OF TURNED BACK IN THE RIGHT DIRECTION.
CAUSE THAT'S BEEN KIND OF A CHALLENGING AREA OF THE CITY.
SO THEY SAY, SO THEY, THEY WERE UM, IT WAS SO APPROPRIATE THAT THEY WON THIS NATIONAL AWARD.
SO, UM, AND TO BE RECOGNIZED FOR THIS HAS BEEN REALLY, REALLY NICE.
YEAH, GIVE YOURSELVES A PAT ON THE BACK HERE.
HONESTLY, IT'S, YOU GUYS DO GOOD WORK.
UM, THIS, THIS BOARD IS VERY IMPORTANT TO THE CITY AND EVEN IMPORTANT TO OUR DEPARTMENT.
SO YOU, YOU GUYS ACCOUNT FOR A LARGE PERCENTAGE OF ALL OUR PRODUCTION AND UH, YOU'RE INVALUABLE TO THIS, TO EVERYONE IN DALLAS HERE.
SO, UM, KEEP DOING THE GOOD WORK.
SORRY, ONE THING I DO WANT TO BRING UP KIND OF IN REGARDS TO THE NFA CONFERENCE, UM, SOMETHING, UH, THAT TIM NELSON ACTUALLY BROUGHT UP WAS KIND OF KEEP YOUR PROGRAMS IN THEIR LANE FOR THE MOST PART, LIKE YOUR DEEPER AFFORDABILITY FOR YOUR OTHER PROGRAMS. THIS PROGRAM SPECIFICALLY IS FOR THAT MISSING MIDDLE HOUSING.
WITH THAT BEING SAID, IT MAY BE WORTH OUR WORTH SOME TIME AT OUR NEXT MEETING TO KIND OF SET FORWARD SOME CRITERIA WHEN LOOKING AT FUTURE ESSENTIAL FUNCTION BOND TRANSACTIONS TO SEE IF WE CAN GET SOME OF THAT AFFORDABILITY.
I KNOW VERY OFTEN IT DOESN'T PENCIL, BUT I THINK IT'S IMPORTANT FOR ALL TO HEAR KIND OF SOME OF THE THINGS WE'RE LOOKING FOR AS WE DO MORE AND MORE OF THESE TRANSACTIONS SO WE CAN KEEP THE TOOL FUNCTIONAL, UM, POTENTIAL LOOKING.
I KNOW, UH, WE DISCUSSED IT BEFORE, MORE STUFF THAT IS MORE TWO AND THREE BEDROOMS. SO IF WE CAN ADD THAT TO LIKE A NEXT UPCOMING AGENDA ITEM, I THINK THAT'D BE VERY WORTHWHILE TO SET FORWARD SOME CRITERIA AND MAKE SURE EVERYONE IN OUR DEVELOPMENT PARTNERS CAN BE ON THE SAME PAGE OF TO WHAT WE'RE LOOKING FOR.
NOW THAT WE HAVE A FEW OF THESE MOVING WE'LL, WE'LL BE SURE TO DO THAT.
WE'LL WE'LL SEND THAT OUT TO YOU ACTUALLY.
SECOND TREASURER MARTINEZ, I'M, I'M GETTING TOLD BY THE CITY ATTORNEY, WE HAVE TO KEEP IT TO OUR AGENDA ITEMS AND SO THIS LAST AGENDA ITEM WAS THE ALPHA CONFERENCE CONFERENCE.
OKAY, WE WILL PUT SOME AGENDA ITEMS ON FOR NEXT TIME TO, UH, CONTINUE SOME OF THESE DISCUSSIONS CUZ THEY'RE, THEY'RE VERY PERFECT.
UM, OKAY, SO I THINK WE ARE ADJOURNED AT 1252.