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Tarrant County HFC authorizes submissions seeking up to $91 million in tax-exempt housing bonds
Summary
The Tarrant County Housing Finance Corporation unanimously authorized preliminary submissions to the Texas Bond Review Board for three multifamily projects — a $10 million Cobblestone Manor supplemental allocation, a $50 million Elmwood Place allocation for 270 units, and up to $31 million in revenue bonds for Evans and Rosedale Urban Village — emphasizing the actions are preliminary allocation requests, not sales of bonds.
The Tarrant County Housing Finance Corporation on June 11 unanimously authorized preliminary submissions to the Texas Bond Review Board seeking tax-exempt private activity bond allocations for three multifamily projects totaling up to $91 million.
Bob Dransfield, counsel with Norton Rose Fulbright, told the board the Cobblestone Manor request is a $10 million supplemental allocation to rehab 220 units at 8201 Sartain Drive in Fort Worth. "This action item that you have before you is a preliminary action item," Dransfield said, adding it "does not commit you to issue the bonds at this point in time." The board voted to authorize submission of the allocation request.
The board also approved an allocation request for Elmwood Place Apartments, a proposed new-construction project at 7124 Anderson Boulevard seeking $50 million to finance about 270 units. Counsel said if the allocation is secured the developers will return later with financing requests; the authorization permits staff to pursue the allocation now.
For the Evans and Rosedale Urban Village project at 900 Evans Avenue, the board adopted a bond resolution authorizing issuance of up to $31 million in multifamily housing revenue bonds. Counsel described the transaction as cash-collateralized and explained the Housing Finance Corporation serves only as conduit issuer; project revenues, not county funds, will secure bond repayment. Counsel said the project anticipates an estimated closing date of July 16.
All three measures passed on unanimous voice votes. The board record shows a quorum of four members present for the votes.
The submissions and the Evans and Rosedale bond authorization are preliminary steps in the tax-exempt bond process; if the Bond Review Board allocates volume cap and the developers proceed, the HFC will consider financing approvals and final bond documents at future meetings.
