Dallas Housing Finance Corporation approves four financing resolutions and a bond-allocation resolution
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Summary
The Dallas Housing Finance Corporation on June 10, 2025, approved resolutions to advance four multifamily developments and authorized a single-family private-activity bond application and assignment authority of up to $61 million; board members voted unanimously on the items presented.
President Marcy Halban presided over the Dallas Housing Finance Corporation (DHFC) meeting on June 10, 2025, where the board approved a series of financing resolutions for multifamily projects and a resolution to pursue a single-family private-activity bond allocation of up to $61,000,000.
The board adopted final-document approvals for financing and ground-lease arrangements for three multifamily projects: Legacy on Keast (2621 Sutherland Avenue), Palladium Buckner Station (401 South Buckner Boulevard), and Highline Illinois (4710 West Illinois Avenue). The board also approved a resolution to apply for and, if needed, assign up to $61,000,000 in single-family private-activity bond allocation to the Texas Department of Housing and Community Affairs (TDHCA) for use in single-family mortgage loans. The DHFC voted to approve minutes of its April 8, 2025 meeting earlier in the session.
Why it matters: The approvals put three new multifamily developments on track to close and begin construction in mid‑summer 2025 and preserve the option for DHFC to participate in or assign single‑family bond allocation that could support low‑ and moderate‑income homebuyers in Dallas.
Key approvals and immediate next steps
- Legacy on Keast: The board approved documents authorizing ground-lease, partnership admissions, and financing that will include TDHCA-issued governmental notes, equity financing, subordinate loans and corporate subordinate financing. Closing was anticipated in early July 2025. The board recorded unanimous approval and the motion passed.
- Palladium Buckner Station: The board approved issuance of multifamily housing revenue bonds (series 2025) not to exceed $50,000,000 to finance acquisition, construction and equipping of the Buckner Station development. A closing date in mid‑July 2025 was discussed; the motion passed unanimously.
- Highline Illinois: The board approved two series of multifamily housing revenue bonds (aggregating not to exceed $35,000,000) and related financing documents. The board noted a near-term closing date and approved final documents.
- Single-family private-activity bond allocation (up to $61,000,000): The board approved a resolution authorizing an application to the Texas Bond Review Board for a single-family private-activity bond allocation up to $61,000,000 and authorized assignment authority so DHFC could assign some or all of that allocation to TDHCA if the board chooses. The motion authorizes up to that amount; any later assignment or a decision to keep part of the allocation for a DHFC-run program would be chosen by subsequent board action.
Votes at a glance
The meeting transcript records the board calling the roll and recording approvals after each presentation. For each financing resolution presented (Legacy on Keast, Palladium Buckner Station, Highline Illinois) and for the single-family allocation resolution, the board recorded approval during roll-call and the chair declared the motions passed.
What the approvals do not do
The approvals adopted the final-form financing documents and authorized staff and officers to execute transaction documents, but they did not complete closings. Closing dates were discussed and presented as contingent on customary finance and lender conditions; the board repeatedly noted that dates could shift.
Board comments and process notes
Board members asked procedural questions about closing timing, tax‑credit and property-tax discussions in light of recent state legislation, and confirmed that staff and outside advisers remain engaged to finalize documents. Staff said anticipated closing windows were mid‑July for several projects and that borrowers and lenders had been engaged in previous presentations to the board.
Ending
The approvals clear multiple projects to proceed toward closing and preserve DHFC flexibility on how to use its 2025 single-family private‑activity bond allocation. Staff will return with transactional closing notices and any required follow‑up board actions.