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I AM GONNA GO AHEAD AND CALL THE MEETING TO ORDER.UM, AND SO, UM, I'LL, UH, TURN IT OVER TO MS. SCHROEDER TO DO THE ROLL.
WHEN I, UH, STATE YOUR NAME, PLEASE LET US KNOW YOU ARE HERE.
UH, DIRECTOR SEAN ALLEN, DIRECTOR PRISMA GARCIA HERE.
UM, TREASURER, TATIANA FARROW.
UM, DIRECTOR PATTY COLLINS HERE.
HERE, DIRECTOR JOSHUA BURN HERE.
UH, DIRECTOR ANTHONY PAGE HERE.
THANK YOU MR. AND, UH, I'LL TAKE THIS OPPORTUNITY TO WELCOME SEAN BACK.
UH, SEAN HAD SERVED ON THE BOARD SOME YEARS AGO.
WE LOSE CHECK OF TIME WITH COVID, BUT I GUESS IT'S BEEN KIND OF A WHILE ANYWAY, SO WE ARE, UH, VERY EXCITED THAT HE HAS BEEN REAPPOINTED AND, UM, AND WILL BE JOINING US AGAIN.
I THINK SOMEONE NEEDS TO MUTE.
YEAH, IT ALSO, IT APPEARS THE DIRECTOR ALLEN IS ON.
AND I THINK I HEARD HELLO PHARAOH AS WELL.
PHARAOH, ARE YOU ON? I'M HERE.
AND MAKE SURE EVERYBODY HAS THEIR VIDEO ON.
I WILL NOW, UH, OPEN THE FLOOR FOR ANY COMMENT, PUBLIC COMMENTS ON ITEMS FIVE THROUGH EIGHT OF THE AGENDA.
I DON'T HEAR ANYBODY WANTING TO BE HEARD, SO I WILL MOVE ON TO AGENDA ITEM NUMBER FOUR, WHICH IS APPROVAL OF THE MINUTES FOR THE JULY 11TH, 2023, CITY OF DALLAS HOUSING FINANCE CORPORATION, THE CORPORATION OR DALLAS H F C MEETING.
AND, UM, I'LL ENTERTAIN A MOTION TO APPROVE THE MINUTES.
AND DO I HAVE A SECOND, SECOND SECRETARY PAGE.
AND, UH, IS THERE, ARE THERE ANY CORRECTIONS OR, UH, DISCUSSION THAT WE NEED TO HAVE ON THE MINUTES? OKAY, THEN ALL IN FAVOR SAY AYE.
AND ANY OPPOSED? OKAY, THEN MOTION PASSES.
UM, ITEM NUMBER FIVE IS TO CONSIDER AND ADOPT A BOND RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE CITY OF DALLAS HOUSING FINANCE CORPORATION, RESIDENTIAL DEVELOPMENT REVENUE BONDS SERIES 2023 NEWS AT MIDTOWN 1, 3, 6, 7, 5 NOEL ROAD.
AND, UM, I'LL HAVE SOMEBODY, UM, EXPLAIN
UM, AND SO WE CAN BE FILLED IN ON WHY THAT'S NECESSARY.
THESE, THESE NEXT THREE ALL ARE KIND OF DEALING WITH THE SAME ITEMS HERE.
WE'RE JUST AMENDING THE RESOLUTION.
UM, BASICALLY INCREASING THE INTEREST RATE CAPS ON THEM.
UH, JUST THE BOND MARKETS HAVE MOVED IN A, IN A MANNER SUCH THAT WE'RE, WE'RE NEEDING TO DO THIS.
SO IN CASE THAT WE ARE ABLE TO, TO GET THEM FINANCED, WE CAN ACTUALLY, UH, GET UP TO THAT CAP.
UH, THAT'S WHY WE SUBMITTED THE, UM, I GUESS THE REVISED PROFORMAS AND THOSE UPDATED FINANCIALS TO YOU ALL FOR CONSIDERATION.
BUT, UM, WE'RE NOT REDOING ANYTHING.
THIS IS JUST KIND OF A, A CHANGE TO THE INTEREST RATES SO THAT, THAT WE CAN GET THIS DEAL DONE.
UM, SHOULD WE BE ABLE TO DO SO.
YEAH, I THINK, I THINK THAT AARON SUMMED IT UP.
UM, OBVIOUSLY THE RATES AT WHICH, UM, I THINK THE INVESTMENT BANKERS AND HOPE TO GET THESE DEALS PRICED AT HAS NOT MATERIALIZED.
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SO, UM, THEY, WE'VE DONE SEVERAL ITERATIONS OF RESTRUCTURING.UH, PART OF THE REQUEST IS THERE IS THAT IS TO INCREASE, UM, YOU KNOW, THE PARAMETERS AT WHICH WE CAN PRICE THESE DEALS.
OBVIOUSLY, ONCE THEY GET INDICATIVE PRICING, THAT INFORMATION WILL COME BACK THROUGH, UH, H F C STAFF COUNCIL AND, UH, TO, TO THE BOARD PRESIDENT FOR APPROVAL PRIOR TO LOCKING THAT IN TO MAKE SURE THE DEAL IN THE H F C IS COMFORTABLE THAT THE REPAYMENT EXPECTATIONS ARE, UM, IN LINE WITH EXPECTATIONS PRIOR TO LOCKING THAT PRICING IN.
UM, ONE OF THE OTHER, UM, COMPONENTS, PARTICULARLY ON, ON VIEWS, UH, AT MIDTOWN IS, UM, UH, GIVING THE FLEXIBILITY TO OFFER, UH, SELLER NOTE FINANCING TO THE SELLER AS PART OF THE DEAL.
UM, UM, WE WOULD STILL CAP THE AMOUNT THAT OUR, UM, UH, DEVELOPER SPONSOR WOULD BE ABLE TO TAKE AS A, UH, SUBORDINATE NOTE, BUT, UH, IF THAT WERE SOMETHING THE SELLER WERE INTERESTED IN, IF IT WERE SOMETHING THAT HELPED MAKE THE DEAL GET DONE TO PROVIDE THAT FLEXIBILITY.
SO COULD YOU KIND OF EXPLAIN WHAT IMPLICATIONS THAT MIGHT HAVE FOR THE H F C IF THERE WAS SELLER FINANCING? ANYTHING THAT, IS THERE ANYTHING WE WOULD NEED TO, TO UNDERSTAND ABOUT THAT? I THINK GEORGE IS ON THE LINE.
UM, GEORGE, DO YOU KNOW OF ANYTHING THAT, THAT WE'RE NOT AWARE OF HERE THAT THAT MAY OR MAY NOT IMPACT OUR, OUR STANDING HERE? IT WOULD EFFECTIVELY DECREASE THE AMOUNT OF CASH THAT IS NECESSARY.
SO IN ESSENCE, EVEN THOUGH THE BOND SIZE WOULD REMAIN THE SAME, THE AMOUNT OF CASH THAT WOULD NEED TO BE RAISED IS REDUCED BECAUSE THE SELLER IS TAKING SOME BONDS IN LIEU OF PART OF THE PURCHASE PRICE.
THEN IT ALSO, THOSE BONDS WOULD BE PARODY WITH THE, THE SPONSOR BONDS.
SO IT WOULD SPLIT SERIES C INTO TWO SERIES.
AND LASTLY, BECAUSE THESE BONDS ARE SOMEWHAT UNIQUE, THAT WHILE HELD BY THE SELLER, WE WOULD NOT IMPOSE THE REQUIREMENT THAT IT BE A, A QUALIFIED INSTITUTIONAL BUYER.
SO THAT'S A KIND OF A ONE-TIME EXCEPTION THAT'S CREATED, BUT OTHERWISE IT'S, WELL, IT INCREASES THE SIZE OF THE C BONDS POTENTIALLY TO 10 MILLION.
IT REALLY IS NOT INCREASING THE OVERSIGHT, THE OVERALL SIZE OF THE DEAL.
DOES ANYBODY ELSE HAVE ANY QUESTIONS ABOUT THESE TWO CHANGES? THE INCREASE IN THE, IN THE, IN POTENTIAL, THE CAP ON THE INTEREST RATES AND, AND THE POSSIBILITY OF THERE BEING TWO SERIES C BONDS? ONE FOR THE SPONSOR AND ONE FOR AS A KIND OF A SELLER FINANCING? I HAVE A QUESTION.
DID THE PURCHASE PRICE, UM, FOR ANY OF THESE PROJECTS CHANGE OR ARE THEY STILL, OR STILL AT THE SAME, SAME PRICE? I BELIEVE THEY HAD NEGOTIATED THAT A, I THINK A REDUCTION AT
BUT OTHER THAN THAT, I THINK, UH, THE PERFORMANCE ARE CURRENT AS OF YESTERDAY.
SO I, ANY OTHER QUESTIONS? OKAY.
UM, I THINK THAT, UM, THAT IT WOULD PROBABLY BE BEST THOUGH TO GO AHEAD AND VOTE ON THESE SEPARATELY.
SO, UM, COULD I GET A MOTION, UH, TO APPROVE THE ITEM NUMBER AGENDA ITEM NUMBER FIVE? I'LL MOVE, I'LL MOVE TO AUTHORIZE THE BOND RESOLUTION FOR THE MUSE AT MIDTOWN.
THAT'S VICE PRESIDENT GARCIA, CORRECT? YES.
AND WHO'S DO I, I DO, I HAVE A SECOND DIRECTOR, FAROH, I SECOND TREASURER PHARAOH.
UM, ALL RIGHT, SO, UM, I'LL GO THROUGH THE BOARD MEMBERS DIRECTOR ALLEN, IN FAVOR,
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GARCIA.IN FAVOR, UM, TREASURER PHARAOH.
UM, VICE PRESIDENT GARCIA? UH, I'M IN FAVOR.
UM, I'M IN FAVOR, DIRECTOR VERNON.
SORRY, I WAS HAVING SOME TECH ISSUES.
OKAY, SO I THINK THE NEXT TWO WILL GO PRETTY QUICKLY BECAUSE THEY'RE THE SAME SUBJECT SLIGHTLY.
UM, THE DIFFERENCE ON ITEM NUMBER SIX IS THAT THIS ONE DOES NOT PROVIDE FOR SELLER FINANCING.
SO ITEM NUMBER SIX, CONSIDER AN ADOPT A BOND RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE CITY OF DALLAS HOUSING FINANCE CORPORATION, RESIDENTIAL DEVELOPMENT REVENUE BONDS SERIES 2023, FITZ, YOU URBAN FLATS 27 0 7 NORTH FITS YOU AVENUE, AND SO ON.
THAT ONE, AS I SAY, IT PROVIDES FOR THE SAME, UM, CAP, INCREASED CAP ON THE INTEREST RATES FOR BOTH THE A AND THE B BONDS.
UM, BUT DOES NOT PROVIDE FOR ANY SELLER FINANCING.
RIGHT? I THOUGHT IT WAS BOTH THE A AND THE B BONDS, ISN'T IT? UH, WELL, PRESIDENT HEALTH, OH, THIS ONE.
ACCESS THIS TWO DOES HAVE THE SELLER FINANCING.
SORRY, I WAS CONFUSING IT WITH AXIS.
OKAY, SO THIS ONE IS IDENTICAL TO MUSE.
UM, SO IS THERE, ARE THERE ANY QUESTIONS? UM, I'LL MOVE TO ADOPT A BOND RESOLUTION FOR FIT U URBAN FLATS.
DO I HAVE A SECOND? DIRECTOR, ALLEN, SECOND
UH, DIRECTOR ALLEN, WHILE YOU'RE ON IN FAVOR? YES.
TREASURER PHARAOH IN FAVOR, DIRECTOR COLLINS.
IN FAVOR, VICE PRESIDENT GARCIA.
IN FAVOR, UM, DIRECTOR ELLIS, ARE YOU ABSTAINING?
SECRETARY
NOW, WHAT I WAS SAYING BEFORE DOES APPLY TO ACCESS THAT.
THIS ONE IS FOR AN INCREASE IN INTEREST RATES, BUT NOT THE SELLER FINANCING.
SO TO READ THE RESOLUTION, CONSIDER AND ADOPT A BOND RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE CITY OF DALLAS HOUSING FINANCE CORPORATION RESIDENTIAL DEVELOPMENT REVENUE BONDS SERIES 2023 AXIS KESSLER PARK, 2,400 FORT WORTH AVENUE.
UM, SO UNLESS ANYBODY HAS ANY QUESTIONS THAT CAME TO THEM, I'LL END RETAIN A MOTION TO APPROVE MOVE TO APPROVE THE BOND RESOLUTION FOR ACCESS.
VICE PRESIDENT GARCIA, AND SECOND, SECOND SECRETARY PAGE.
T UH, DIRECTOR COLLINS APPROVE.
UM, VICE PRESIDENT GARCIA PROOF.
RYAN? UH, DID YOU HEAR ME? I, UH, I SAID APPROVE.
UH, DIRECTOR S OH, THIS ONE YOU'RE VOTING ON? YEAH.
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IN FAVOR,UM, SECRETARY PAGE APPROVE, AND DIRECTOR ZADY APPROVED.
OKAY, NOW WE'RE ON TO A DIFFERENT TYPE OF ITEM.
UH, THIS IS AGENDA ITEM NUMBER EIGHT.
THESE ARE THE RESIDUE RESOLUTIONS FOR THE POSITANO, A MULTI-FAMILY RESIDENTIAL DEVELOPMENT LOCATED AT 25 19 JOHN WEST ROAD, DALLAS, TEXAS 7 5 2 2 8, THE POSITANO.
AND IT'S TO CONSIDER AND ADOPT A BOND RESOLUTION AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF THE CITY OF DALLAS HOUSING FINANCE CORPORATION, MULTIFAMILY HOUSING REVENUE BONDS, THE POSITANO SERIES 2023, AND CONSIDER AND ADOPT PARTNERSHIP RESOLUTIONS, APPROVING THE FORM AND SUBSTANCE OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS AND INSTRUMENTS NECESSARY TO CARRY OUT THE FINANCING AND REHABILITATION OF THE POSITANO AND CONTAINING OTHER PROVISIONS RELATING TO SUCH DEVELOPMENT.
SO, UM, MR. QUINTO, DO YOU WANNA KIND OF FILL US IN? SURE.
SO, UM, WE PREVIOUSLY INDUCED THE BONDS THAT, UH, WERE RECENTLY AWARDED FOR THIS PROJECT.
UM, IT WAS JUST IN THE QUEUE FOR A WHILE AND IT SO HAPPENED THAT THEIR NUMBER CAME UP AND SO THEY, THEY RECEIVED A BOND ALLOCATION.
UM, SO THIS IS AN EXISTING PROJECT.
UM, THIS IS THE SAME OWNERS AS WE DID WITH ASH CREEK, SAME KIND OF EXECUTION.
THEY'RE JUST LOOKING TO REFINANCE AND, UH, REHABILITATE THE PROPERTY USING A ANOTHER TAX CREDIT EXECUTION AND, AND INVESTING A LOT MORE MONEY INTO THE PROJECT AND RENOVATING IT FOR THE, THE CURRENT RESIDENCE.
AND SO, UM, WE'RE KEEPING THE AFFORDABILITY THERE AND WE'RE INSERTING OURSELVES INTO THE OWNERSHIP STRUCTURE TO ALLOW THEM THIS, UH, TAX EXEMPTION TO BE ABLE TO OPERATE IT AT AND, AND PRESERVE THE AFFORDABILITY AT THAT PROJECT.
SO THIS IS ACTUALLY PRETTY CLOSE TO THE, UM, OTHER PROJECT THAT THEY'RE DOING.
UM, WE ALSO HAVE
IF, IF ANYONE ELSE HAS ANY OTHER QUESTIONS, UM, FEEL FREE TO ASK HIM.
UM, I REMEMBER WHEN THIS CAME UP BEFORE WE ASKED THE, UH, APPLICANT TO LOOK, SINCE THEY'RE DOING RENOVATION HERE AT WHETHER THEY COULD BE ABLE TO CONNECTION TO HILLVIEW PARK, THAT'S IMMEDIATELY TO THE WEST.
DO YOU KNOW IF THEY EVER LOOKED INTO THAT? CAN YOU HEAR ME NOW? UH, UH, GOOD AFTERNOON, EVERYBODY.
MY NAME IS NICK COLE, I'M THE DEVELOPMENT ASSOCIATE WITH DEVCO.
UH, YOUR QUESTION QUESTION WAS TO, UH, IF WE CAN ATTACH, WAS IT THE NORTH SIDE OF THE PROPERTY TO THE PARK? UM, SO WE ACTUALLY CLOSED ON ROSEMONT ASH CREEK, WHICH IS ADJACENT TO THIS PROPERTY.
UH, AND AT THAT PROPERTY WE HAD TO SECURE THE PERIMETER FOR SECURITY REASONS, AND IT MADE SENSE TO SECURE THE PERIMETER AT THE PANO AS WELL.
UH, WE LOOKED AT, UH, POSSIBLY CONNECTING THE, UH, PANO TO THE, UH, ADJACENT PARK.
HOWEVER, DUE TO SECURITY CONCERNS, WE DECIDED TO AMEND THE WALLS THAT WERE DILAPIDATED AND SECURED A FACILITY.
SO THERE'S NO ABILITY TO PUT A GATE.
LIKE HOW DO PEDESTRIANS GET INTO THIS PROPERTY? UM, IF, IF IT'S TOTALLY SECURED, UH, THERE'S, THERE'S A PEDESTRIAN GATE AT THE FRONT, SO THERE'S A VEHICLE GATE THAT'S OPERATED BY GATE OPERATORS, AND THEN THERE'S ADJACENT TO THAT, THERE'S AN, UH, UM, A PEDESTRIAN GATE.
SO WHY COULDN'T YOU PUT A PEDESTRIAN GATE SIMILAR TO THE ONE THAT YOU HAVE AT THE ENTRANCE, UH, TO GO BETWEEN THE POSITANO AND THE PARK? THE, THE GATE ISN'T METAL, IT'S, UM, MASONRY.
SO IT'S A, IT'S A WALL, IF THAT MAKES SENSE.
UNLESS YOU'RE REFERRING TO A DIFFERENT AREA.
COULD YOU CUT? AND SO YOU COULDN'T JUST, UH, CUT A HOLE IN THE WALL AND PUT A GATE IN THERE.
A LOT GATE, UH, ON A SIDEWALK.
UM, I DON'T THINK WE'VE EXERCISED THAT OPTION JUST YET.
'CAUSE AS I RECALL WHEN THIS CAME UP BEFORE, YOU GUYS SAID YOU WERE GONNA LOOK AT IT.
UH, INTERNALLY WE TOOK A LOOK AT IT AND WE DECIDED THAT SECURITY CONCERNS WE DIDN'T.
BUT, UH, IF YOU WANT US TO TAKE A LOOK AT IT AGAIN, WE DEFINITELY WILL.
YEAH, I'D LIKE YOU TO TAKE A LOOK AT IT.
I DON'T UNDERSTAND WHY IT WOULD BE A DIFFERENT SECURITY CONCERN THERE THAN IT WOULD BE BE AT THE FRONT AND IT WOULD MAKE THIS PROPERTY.
UM, I THINK, YOU KNOW, GIVING GIVING RESIDENTS MORE ACCESS TO AMENITIES IS IMPORTANT.
AND WITH PARKING RIGHT THERE, THE WAY THIS PROPERTY'S CONFIGURED, THEY'VE GOTTA TAKE A VERY CIRCUITOUS ROUTE TO GET TO THIS PARK THAT'S LITERAL RIGHT NEXT DOOR TO 'EM, WHICH SEEMS LIKE THERE SHOULD BE A WAY TO ADDRESS THAT.
SO YOU COULD LOOK AT IT AGAIN.
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SURE.I THINK GRIFFIN ZEL IS ALSO ON THE LINE.
HE HAS ANYTHING TO OPINE ON HERE, THERE, THIS IS GRIFFIN.
UM, WE WILL DEFINITELY TAKE ANOTHER LOOK.
I THINK THE, THE DIFFERENCE BETWEEN PUTTING A GATE, UH, CONNECTING THE PARK TO THE PROPERTY AND WHERE THE CURRENT RESIDENTIAL GATE IS, THE CURRENT RESIDENTIAL ACCESS IS RIGHT NEXT TO THE LEASING OFFICE.
AND SO IT CAN BE MORE EASILY MONITORED.
UM, BUT WE'LL CERTAINLY, UH, DISCUSS WITH PROPERTY MANAGEMENT, UH, AS WELL AS OUR ASSET MANAGEMENT TEAM INTERNALLY AND, AND TAKE ANOTHER LOOK AND DETERMINE IF THERE'S A WAY, UH, ONE WAY OR ANOTHER TO, TO PROVIDE MORE DIRECT ACCESS TO THAT PARK.
UM, WERE THERE ANY OTHER QUESTIONS ON THE POSITANO? OKAY, THEN, UH, THANK YOU VERY MUCH, NICK.
AND, UM, AND I WILL ENTERTAIN A MOTION TO APPROVE.
AND BY THE WAY, THOSE BOND RESOLUTIONS IN FULL ARE, WERE ATTACHED TO THE AGENDA, TO YOUR PACKET.
SO DO I HAVE A MOTION TO APPROVE? I'LL MOVE TO ADOPT THE RESOLUTIONS FOR THE POSITANO
OH, WAIT, WHO WAS THAT? WAS THAT UM, VERNON? DIRECTOR VERNON.
DIRECTOR VERNON MADE THE MOTION AND DIRECTOR ELLIS, UM, SECONDED.
UH, I OH, OH, YOU HAVE QUESTION? HE A SECOND BEFORE ME.
I'M GONNA SAY THAT IT WAS, THAT'S OKAY.
SO WE'RE GONNA SAY DIRECTOR VERNON MADE THE MOTION.
VICE PRESIDENT GARCIA MADE THE MOTION.
SO, UM, DIRECTOR ALLEN, IN FAVOR.
IN FAVOR, VICE PRESIDENT GARCIA.
IN FAVOR, DIRECTOR ELLIS IN FAVOR.
I'M IN FAVOR, DIRECTOR VERNON IN FAVOR.
SECRETARY PAGE IN FAVOR, AND DIRECTOR ZADY IN FAVOR.
NOW NEXT AGENDA ITEM IS A STAFF BRIEFING ON THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS, THE T D H C, A SINGLE FAMILY MORTGAGE REPORT.
ALL RIGHT, SO THIS IS THE ITEM THAT WE ACTUALLY APPROVED LAST MONTH TO RE-UP THIS PROGRAM.
UM, AGAIN, TO REMIND YOU GUYS, IT'S, IT ALLOWS THE H F C TO TAKE OUT A, A STATE FUNDED BOND ALLOCATION THAT WE CAN KIND OF DOLL OUT TWO MORTGAGE LENDERS ACROSS THE STATE.
AND, UM, IT ALLOWS THEM TO PROVIDE LOWER COST MORTGAGES TO THOSE WHO QUALIFY.
UM, AND SO THEY, T D H C A RUNS THIS PROGRAM ON OUR BEHALF, AND SO THEY DO THE REPORTING.
AND SO THEY JUST, UH, CAME OUT WITH ANOTHER REPORT AS OF JULY 1ST.
AND SO IN YOUR REPORT, YOU'LL SEE THE TOTAL LOANS HERE.
UM, THERE, LEMME BRING THAT UP.
AND SO, IF YOU LOOK AT THE LAST PAGE, THERE'S A REALLY GOOD SUMMARY HERE.
AND BASICALLY, UM, OVER THE LAST YEAR, WE'VE DONE 152 LOANS.
WE'VE BEEN ABLE TO, TO PROVIDE MORTGAGES FOR, UH, TOTALING ABOUT $36 MILLION.
AND THEY'RE ALL HERE IN THE CITY OF DALLAS.
AND SO YOU CAN SEE THE, THE ZIP CODES THAT IT'S, IT'S SERVED AND ALSO A, UH, A BREAKDOWN BASED ON ETHNICITY AND HOUSEHOLD INCOME.
AND SO YOU CAN SEE, YOU KNOW, IT'S, IT'S REALLY BEEN, UH, A GOOD HELP TO, TO THOSE ACROSS INCOMES AND ACROSS RACIAL AND, AND GEOGRAPHIC BOUNDARIES.
AND SO, UH, IT'S SOMETHING YOU GUYS CAN BE PROUD OF.
AND THAT COVERED WHAT PERIOD OF TIME? I BELIEVE THIS IS SINCE WE, UH, WE BEGAN THIS PROGRAM LAST YEAR, SO LAST ABOUT A YEAR, YEAR'S WORTH.
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THAT'S GREAT.UM, ARE THERE ANY QUESTIONS? UM, JUST A QUICK, QUICK, THAT THOSE CURRENT NUMBERS, IS THAT FROM OUR ORIGINAL, UM, OUR ORIGINAL ALLOCATION? OR DOES THIS START INCLUDE MORTGAGES THAT WE'VE NOT, THAT HAVE SINCE COME UP SINCE WE RE-UPPED FOR THE ADDITIONAL 60 MILLION SO THAT THE RE-UP HASN'T BEEN PROCESSED YET.
SO THIS IS JUST THE ORIGINAL ALLOCATION.
THAT MEANS WE CAN IMPACT EVEN MORE FAMILIES, CORRECT? YEAH, I THINK THAT THIS IS JUST
NEXT ITEM IS TO CONSIDER AND APPROVE OUR SEPTEMBER, 2023 TO AUGUST, 2024 MEETING SCHEDULE.
AND, UM, ONE OF THE THINGS THAT, UH, THAT THIS IS TRYING TO ACCOMPLISH IS TO, UM, ALLOW FOR VACATION TIME FOR OUR STAFF, WHICH TRADITIONALLY AT CITY HALL IS JULY BECAUSE THE COUNCIL IS, UM, YOU KNOW, UH, DOESN'T MEET IN, THEY'RE ON RECESS IN JULY.
UM, HOWEVER, IT WAS POINTED OUT TO US THAT IN TERMS OF THE, UM, T D H C A, THE WAY THE T D H C A WORKS, RIGHT? YEAH.
IT'S REALLY THE BOTTOM REVIEW BOARD.
UM, WITH RESPECT TO THE VOLUME CAP ALLOCATIONS THAT IF, IF, IF YOU WERE SUCCESSFUL IN THE LOTTERY, THOSE 180 DAY DEADLINES TEND TO HIT IN LATE JULY EARLY.
SO WHAT WE DID DID TO ACCOMMODATE THAT, UM, IS TO, UM, TENTATIVELY SCHEDULE TWO JUNE MEETINGS, WHICH WOULD ALLOW US TO NOT MEET IN JULY.
UM, YOU KNOW, ONE EARLIER IN THE MONTH AND ONE LATER IN THE MONTH.
SO I JUST WANTED TO KIND OF DRAW THAT TO EVERYONE'S ATTENTION.
UM, UM, AND, UM, I DON'T KNOW, CAN WE JUST TAKE AN ALL IN FAVOR AND ALL OPPOSED ON THIS ONE? WELL, OR, OH, GO AHEAD.
I WAS JUST GONNA, WELL, JUST A KIND OF A COMMENT ABOUT THIS.
IS THERE A WAY MAYBE TO PUT THIS ON OUR WEBSITE, YOU KNOW, OUR MEETING SCHEDULE? 'CAUSE A LOT OF OUR SPONSORS, YOU KNOW, THEY'VE CUT DEALS, THEY, AND THEY KIND OF THINK, OH, IT'S EVERY TUESDAY.
AT LEAST IT'S IN THE PUBLIC DOMAIN, WHAT IT IS.
AND WE CAN SAY, HEY, LOOK, IT'S OUT THERE.
THAT, THAT'S, THAT'S PART OF THE PURPOSE OF THIS.
SO WE CAN, WE CAN PUBLISH THIS AND BE MORE, UH, PERFECT, YOU KNOW, COMMUNICATIVE TO THE PUBLIC AND, AND TO OUR PARTNERS.
SO DO WE NEED TO TAKE A VOTE AND CAN IT JUST BE ALL IN FAVOR? AND ALL OPPOSED, IS THAT I MOVE TO TAKE A VOICE VOTE ON THIS.
SO THAT WILL BE OUR CALENDAR AND OF COURSE, UM, WE WILL TRY OUR VERY BEST TO KEEP TO THIS CALENDAR, BUT SOMETIMES THINGS COME UP AND WE HAVE TO MAKE CHANGES.
UM, SO EVERYBODY, EVERYBODY PUT THIS IN THEIR CALENDARS.
NEXT ITEM IS A REVIEW AND DISCUSSION OF OUR PIPELINE REPORT.
ALRIGHT, UM, SO AGAIN, THIS IS GONNA BE A, A MONTHLY KIND OF A STANDING LITTLE UPDATE FOR EVERYONE.
UM, JUST SINCE LAST MONTH, UH, IF YOU READ THE MEMO HERE, WE, WE HAVE HAD THREE NEW CLOSINGS IN JULY, THE ROSEMONT ASH CREEK DEAL ON JULY 20TH, A CROSSING AT CLEAR CREEK AND THE TERRA HIGHLAND HILLS, BOTH ON JULY 27TH.
SO, UM, YOU GUYS CAN AGAIN, PAT YOURSELVES ON THE BACK, YOU KNOW, THREE MORE PROJECTS UNDER THE BELT THIS YEAR.
UM, AND WE SHOULD HAVE A FEW MORE COMING.
UM, OBVIOUSLY THIS POSITANO DEAL, WE'LL HAVE NEXT MONTH BE CONSIDERING THE ESTATES OF FERGUSON FOR FINAL APPROVAL AND HOPEFULLY IF THE MANDELA RECEIVES AN ALLOCATION, WE CAN ALSO GET THAT ONE APPROVED.
AND SO, UM, REALLY IT'S, IT IS BEEN A VERY SUCCESSFUL YEAR FOR THE H F C.
UM, YOU GUYS HAVE DONE A GREAT JOB AND, AND REALLY PROVIDED A LOT OF HOUSING FOR, UM, FOR THE RESIDENTS OF DALLAS, HONESTLY.
SO JUST TO GO THROUGH, UM, A FEW OF THE HIGHLIGHTS, UM, BRIDGET LANCASTER IS UNDER CONSTRUCTION.
IT'S DUE LEASE UP PRETTY SOON, LIKE ALMOST IMMEDIATELY HERE.
UM, WE ALSO HAVE GATEWAY OAK CLIFF OR JUST THE ISSUE ON THAT, BUT IT'S UNDER CONSTRUCTION AS WELL.
UM, THE HIGH POINT AT WINDWOOD PROJECT THAT WE APPROVED LAST YEAR, THAT WILL BE DUE FOR COMPLETION LATE, UM, IN THE FOLLOWING YEAR.
UM, WE JUST CLOSED ON ASH CREEK.
UH, OBVIOUSLY THEY'RE GONNA, THEY'RE GONNA START RENOVATIONS AS SOON AS THEY
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CAN.UM, ELLO AND POSITANO WE'RE, WE'RE WAITING KIND OF CLOSING AND FUNDING HERE.
AND THEN, LIKE I SAID, CROSSING AT CLEAR CREEK AND TERRACE, HIGHLAND HILLS, THESE ARE BRAND NEW CONSTRUCTION, SO IT'S GONNA TAKE ROUGHLY TWO YEARS FOR THESE TO, UM, BE BUILT AND, AND LEASE UP.
UM, MOVING ON TO OUR OTHER PARTS OF THE PIPELINE.
SO WE HAVE THESE PROJECTS THAT ARE OUT AWAITING PRICING,
SO THERE'S BEEN A BIT OF A HICCUP IN THE BOND MARKET, OBVIOUSLY WHY, WHY WE'RE BRINGING THESE BACK TODAY.
BUT, UM, HOPEFULLY WE CAN GET THESE PRICED OUT AND CLOSED AND, AND MOVE ON, BUT IF NOT, WE'LL WE'LL HAVE TO, TO REGROUP AND SEE IF THERE, THERE CAN BE ANOTHER STRATEGY THAT WE CAN GET THESE DEALS DONE.
UM, WE'RE IN TALKS WITH, WITH THE OWNERS NOW TO, TO SEE WHAT OUR OPTIONS ARE, BUT, UM, CROSSING OUR FINGERS ON THAT.
MEADOWBROOK IS UNDER CONSTRUCTION, IT'S DUKE LEASE UP LATE NEXT YEAR AS WELL.
AND THEN ALSO TERRACE AT SOUTHERN OAKS IS, IS UNDER CONSTRUCTION AND HOPEFULLY THAT WILL BE DONE LATE NEXT YEAR.
UM, ONE MORE, UM, WESTMORE IS STATIONED, THAT ONE IS ALSO UNDER CONSTRUCTION, THEN THAT'S, UM, DUE FOR LEASE OF NEXT YEAR SOMETIME.
SO, UM, AGAIN, VERY ACTIVE PIPELINE.
YOU GUYS ARE DOING A WONDERFUL JOB.
I THINK THERE'S 2,800 SOMETHING UNITS UNDER CONSTRUCTION AND THEN WE HAVE 2,500 UNITS ALREADY COMPLETE.
AND SO, UM, SO IT'S BEEN A VERY, VERY SUCCESSFUL FEW YEARS FOR YOU ALL AND, UM, I APPLAUD YOU ALL FOR YOUR WORK AND YOUR, YOUR VOLUNTEERING, YOUR TIME AND, AND EFFORTS TO, TO GET THIS DONE FOR OUR CITY.
UM, DOES ANYONE HAVE ANY QUESTIONS ON THE PIPELINE? YEAH, JUST A COMMENT.
JEFFERSON AND NOVA, YOU DON'T WANNA PUT THAT IN OTHER APPLICATIONS AND WITHDRAWN.
UM, KIND OF MENTIONED THE, YEAH, WAS THAT, WAS THAT NOT ON THE WITHDRAWN LIST? BOTTOM? I DON'T SEE ANY OTHER APPLICATIONS WITH ALL THE OTHER WITHDRAWNS.
YEAH, WE'LL GET THAT ADDED TO WITHDRAWN.
IT MIGHT'VE JUST GOT CUT OFF ON THE BOTTOM.
UM, NEXT ITEM ON THE AGENDA IS TO CONSIDER AND ADOPT A RESOLUTION APPOINTING DARWIN WADE AS GENERAL MANAGER PURSUANT TO THE AMENDED AND RESTATED BYLAWS OF THE, OF THE DALLAS H F C, THE BYLAWS ARTICLE THREE, SECTION 3.1, AND RECOGNIZING THE APPOINTMENT OF ERIN E QUINTO AS ASSISTANT GENERAL MANAGER PURSUANT TO THE BYLAWS ARTICLE THREE, SECTION 3.6.
UM, AND I WOULD LIKE TO MOVE THAT WE HAVE A DISCUSSION IN EXECUTIVE SESSION CONCERNING THIS AGENDA ITEM, UM, UNDER THE, UM, UH, UNDER THE EXCEPTION THAT SPEAKS TO DELIBERATING THE APPOINTMENT, EMPLOYMENT EVALUATION, REASSIGNMENT DUTIES, DISCIPLINE OR DISMISSAL OF A PUBLIC OFFICER OR EMPLOYEE.
SO, UM, SO, UH, DO I HAVE A SECOND FOR THAT? MOTION? A SECOND.
UM, SO, UH, I DON'T KNOW IF WE HAVE TO DO A VOTE ACTUALLY ON EXECUTIVE SESSION, I THINK.
SO WE'RE GONNA GO INTO EXECUTIVE SESSION.
SO I THINK PROCEDURALLY YOU'LL HAVE TO OPEN ANOTHER WEBEX.
SO I'M MAKING THE ANNOUNCEMENT THAT IT IS 12:35 PM ON AUGUST 8TH, 2023.
THE CITY OF DALLAS HOUSING FINANCE CORPORATION BOARD MEETING WILL NOW GO INTO CLOSED SESSION UNDER SECTION 5 51 0.074 OF THE TEXAS OPEN MEETINGS ACT ON THE FOLLOWING MATTER DESCRIBED ON TODAY'S AGENDA, WHICH I JUST READ THAT MATTER.
UM, SO I THINK NOW WE WILL JUST GO INTO EXECUTIVE SESSION.