PH - Torrington Creekside

Staff Report & Agenda Item Details

This item was taken out of order. A public hearing was held in accordance with Section 394.9025 of the Texas Local Government Code on possible issuance of bonds by the Mesquite Housing Finance Corporation to finance the construction of an approximately 291-unit multi-family residential rental development for persons of low to moderate income, to be located at 900 and 1000 Windbell Circle. Ted Chinn, Director of Finance, stated that House Bill 21, enacted by the 89th Legislature to address “Traveling Housing Finance Corporations,” became effective on May 28, 2025, and restricts Housing Finance Corporations to issuing bonds only for financing developments within the jurisdiction of their sponsor(s). The Mesquite Housing Finance Corporation’s sponsor is the City of Mesquite and therefore may only issue bonds to finance developments within Mesquite. Mr. Chinn stated that in addition to the geographic limitation, HB 21 requires the applicable governing body to conduct a public hearing before a Housing Finance Corporation may issue bonds to finance a multi-family residential development to be owned by the Housing Finance Corporation. On September 2, 2025, the Mesquite Housing Finance Corporation passed an inducement resolution approving an application to the Texas Bond Review Board for a reservation of $50 million for the Mesquite Housing Finance Corporation to issue in financing a proposed 291-unit affordable housing development, known as Torrington Creekside. The development will have a partnership structure whereby a wholly-owned affiliate of the Mesquite Housing Finance Corporation will own the land for tax-exempt purposes. Mr. Chinn stated that before the Mesquite Housing Finance Corporation can issue bonds for the Torrington Creekside development, the City Council must conduct a public hearing to give interested persons an opportunity to comment on the proposed development. No action is required upon conclusion of the public hearing. No one appeared regarding the possible issuance of bonds by the Mesquite Housing Finance Corporation to finance the construction of an approximately 291-unit multi-family residential rental development for persons of low to moderate income, to be located at 900 and 1000 Windbell Circle.