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Mesquite HFC approves inducement resolution for 254‑unit Torrington Creekside affordable housing project
Summary
The Mesquite Housing Finance Corporation unanimously approved an inducement resolution allowing JPI to pursue private activity bond reservation and 4% low‑income housing tax credits for the proposed Torrington Creekside, a 254‑unit, 100% affordable development at 900 Windbell Circle.
Karsten Lowe, affordable housing development manager with JPI, presented a reworked plan for Torrington Creekside, a proposed 254‑unit multifamily development at 900 Windbell Circle that the company aims to finance with low‑income housing tax credits and private activity bonds. "Our goal as a company is to transform building, enhance communities, improve lives," Lowe said, asking the Mesquite Housing Finance Corporation (HFC) to serve as the bond issuer and to consider a future MOU for partnership.
Why it matters: The HFC’s inducement resolution is a procedural but necessary step for JPI to pursue a bond reservation from the Texas Bond Review Board and apply for 4% low‑income housing tax credits, which are central to the project’s financing. If successful, the development would add more than 250 affordable rental units near the Windbell Circle/Gross Road corridor.
Details of the proposal: Lowe said the project would keep the previously approved planned‑development commitments (green space, finishes and amenities) and would be a split‑site development on roughly 12 acres (eight acres west, four acres east). To meet tax‑credit program rules on unit mix, JPI proposed 44 one‑bedroom units, 142 two‑bedroom units and 96 three‑bedroom units, dispersed across the site. Lowe said the developer would use income averaging at roughly 50%, 60% and 70% area‑median income bands to achieve 100% affordability overall.
Staff context and next steps: Ted Chen, the city finance director who briefs HFC matters, told the board the inducement resolution does not bind the city or the HFC but is required for bond allocation and tax‑credit pursuit. Chen noted the bond allocation request would not exceed $50 million. If the HFC approves inducement, the developer would submit to the Texas Bond Review Board, pursue a bond allocation in the autumn lottery and return to the city to negotiate an MOU and any pilot agreement.
Board action: The HFC voted unanimously to approve the inducement resolution. The resolution, Chen said, is a procedural step to enable bond reservation and tax‑credit application; it does not commit the HFC or city to financing the development.
What’s next: If JPI secures a bond allocation and tax credits, the parties would return to council/HFC for an MOU and pilot agreement negotiations; Chen said that would be the point for more binding commitments and detailed terms.
Sources: Presentation and statements by Karsten Lowe (JPI) and Ted Chen (City Finance/HFC staff) at the Mesquite Housing Finance Corporation meeting Sept. 2, 2025.
