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Mesquite council approves no-objection for Torrington Briarwood tax-credit project, authorizes housing bonds
Summary
City council voted unanimously to provide a required resolution of no objection and to approve a Mesquite Housing Finance Corporation private-activity bond issuance for Torrington Briarwood, a proposed 313-unit affordable rental development that will seek 4% low-income housing tax credits and MHFC financing.
The Mesquite City Council voted unanimously April 9 to issue a resolution of no objection for Torrington Briarwood LP and to authorize the Mesquite Housing Finance Corporation to issue private-activity bonds to finance the 313-unit affordable rental development.
The developer, JPI Affordable Development LLC, is pursuing 4% housing tax credits from the Texas Department of Housing and Community Affairs and requested the city’s formal no-objection resolution required under Texas Government Code Chapter 2306. Ted Shinn, Mesquite’s director of finance, told council the state requires the local resolution as part of a bond-financing and tax-credit application; the board’s action also clears the way for the Housing Finance Corporation’s planned $50…
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