STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: June 28, 2023
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize the (1) sale of up to four Land Bank Program lots to Kori Homes, Inc., and/or its affiliates (Developer) subject to restrictive covenants, a right of reverter, and execution and recording of all necessary documents, pursuant to the City's Land Bank Program; (2) the release of lien for all non-tax City liens, notices, or orders that were filed on up to four Land Bank Program lots sold to Developer prior to or subsequent to the deeds transferring the lots to the Dallas Housing Acquisition and Development Corporation; and (3) execution of a development agreement with Developer for the construction of up to four single-family homes on the Land Bank Program lots - Financing: Estimated Revenue: Dallas Housing Acquisition and Development Corporation Operating Fund Account $54,000.00; Revenue Foregone: General Fund $99,095.40 (see Fiscal Information)
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BACKGROUND
On January 28, 2004, the City Council established the Dallas Housing Acquisition and Development Corporation (DHADC) as its Land Bank for the purpose of acquiring, holding and transferring unimproved real property. The objective of the Land Bank Program is to: (1) reclaim vacant real property from tax delinquency status and (2) use such property to develop affordable housing for low-income households or for commercial purposes. The resale of such property will enable the development of new single-family homeownership or rental units to serve low-income households or the development of commercial uses that stabilize distressed communities. This Program is implemented via a statutorily authorized tax foreclosure process for properties with five or more years of delinquent property taxes. In order to achieve the public ...
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