STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: August 14, 2024
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize (1) the sale of two Land Transfer Program (LTP) lots held by the City to Cornerstone Community Development Corporation, Inc. and/or its affiliates (Developer) for the purpose of developing affordable housing subject to restrictive covenants, a right of reverter, and execution of all necessary documents, pursuant to the City's LTP; and (2) release of lien for all non-tax City liens, notices, or orders that were filed on these two LTP lots prior to or subsequent to the deed transferring the lot to the City of Dallas; and (3) execution of a development agreement with Developer for the construction of up to two affordable residential units, approved as to form by the City Attorney - Estimated Revenue: General Fund $5,697.28 (see Fiscal Information)
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BACKGROUND
On May 22, 2019, the City Council adopted the Land Transfer Program by Resolution No. 19-0824, as amended, for the purpose of incentivizing: (1) the development of quality, sustainable housing that is affordable to the residents of the City and (2) the development of other uses that complement the City's Comprehensive Housing Policy, Economic Development Policy, or redevelopment policy. Specifically, the Land Transfer Program authorizes the City to sell qualifying City-owned real property and resell tax-foreclosed real property to for-profit, non-profit and/or religious organizations, as applicable, in a direct sale at less than fair market value of the land, consistent with the authorizing state statute or City ordinance. The tax foreclosed lots are being sold pursuant to 34.051 of the Texas Property Tax Code.
In January of 2022, Cornerstone Community Development Corporation, a non-profit 501(C)(3) based in Dallas ...
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