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DHFC approves resolutions for Legacy on East; board discusses using DHFC funds as subordinate debt for 80‑unit project
Summary
The board authorized resolutions to support Legacy on East (2621 Sutherland Avenue), and members debated a first‑time use of DHFC funds as a subordinate loan (5% interest) to help close financing for an 80‑unit development.
The City of Dallas Housing Finance Corporation on unanimous recorded votes approved a package of resolutions to support the Legacy on East, an 80‑unit multifamily development proposed at 2621 Sutherland Avenue. Resolutions approved included adoption of a memorandum of understanding with LDG Multifamily LLC (or affiliate) for acquisition, financing, development and operation; transfer and assignment of the Legacy and Peace GP LLC to the corporation and creation of DHFC‑owned limited liability companies to function as owner/developer/landowner entities.
The notable policy and…
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