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Low-income senior complex on Dolphin Road seeks council's no-objection for a $46.8 million rehab

A developer wants state housing tax credits to renovate 150 apartments at 4645 Dolphin Road for seniors earning 60% of area median income or less. The council holds the required hearing this afternoon.

Lena Stroud

October 14, 20262 min read

A developer that plans to renovate a 150-unit apartment complex for older, lower-income tenants at 4645 Dolphin Road needs a formal statement from the Dallas City Council that it does not object, and the council takes up that request at its meeting today.

The item is a public hearing, and the agenda says hearings will not be heard before 1 p.m. At the close, council members will be asked to approve a Resolution of No Objection for EC Carpenter's Point, LLC.

The state housing agency, the Texas Department of Housing and Community Affairs, requires one from the local governing body before it will consider an application for 4% housing tax credits, and it also requires a public hearing. City staff note that once the resolution is adopted and sent to the state, it cannot be changed or withdrawn.

Who would live there

Every one of the 150 units at the project, called Carpenter's Point, would be reserved for seniors in households earning no more than 60% of the area median income. The mix is 126 one-bedroom and 24 two-bedroom apartments. The site is in Council District 7.

The agenda describes the work as a rehabilitation. Promised resident services include monthly rides to community and social events, at least four hours a week of on-site adult classes, access to a food pantry, an annual health fair, case management, contracted occupational or physical therapy, and weekly chore help plus quarterly preventive maintenance for elderly or disabled tenants.

Listed amenities include a fitness center, library, clubhouse, beauty and barber salon, shuffleboard, a community garden and controlled access.

The money

Staff put total development costs at about $46.8 million. Buying the property accounts for $24.26 million of that, building costs and site work $8.35 million (about $55,655 per unit) and developer fees $5.27 million. On the funding side, the budget lists $22.22 million in permanent financing, $15.52 million in tax credit equity and a $3.75 million seller note, among other sources.

The Dallas Housing Finance Corporation would own the managing member and serve as ground lessor, and a to-be-formed Hunt Capital Partners tax credit fund would be the investor. The housing finance corporation voted in June to declare its intent to issue private activity bonds for the project, and the hearing today also covers those bonds under state law.

The agenda sheet also includes staff's estimate of city tax revenue the project is expected to forgo: $77,605 in the current year, with figures of $1.44 million at year 15 and $3.69 million at year 30. A separate approval of the bonds under the federal Tax Equity and Fiscal Responsibility Act will come back to the council later.

Staff rated the project neutral on fair housing and say the developer will consult the city's emergency management office on security during design. The Housing and Homelessness Solutions Committee was briefed by memo on Sept. 22.

Sources

webapi.legistar.com

cityofdallas.legistar1.com

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Lena Stroud

Lena Stroud covers Dallas city hall, the council, and county government.

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