STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: September 11, 2024
COUNCIL DISTRICT(S): All
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Robin Bentley
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SUBJECT
Title
Authorize aA resolution to authorize (1) the Dallas Housing Finance Corporation (DFHC or Corporation) to delegate to the Texas Department of Housing & Community Affairs (TDHCA) its authority to issue Qualified Mortgage Revenue Bonds (Bonds) to be administered by the TDHCA through the Texas Homebuyer Program in an amount not to exceed $64,819,515.00 for the purpose of obtaining funds to finance home mortgage loans for persons of low and moderate income; and (2) the an aAssignment Agreement between the DHFC and the TDHCA for the assignment of the Bonds to be administered by the Texas Department of Housing & Community Affairs (TDHCA) through the Texas Homebuyer Program in an amount not to exceed $64,819,515.00 - Financing: No cost consideration to the City
Body
BACKGROUND
The purpose of this agenda item is to consider and adopt a resolution authorizing (1) the DHFC to delegate to TDHCA its authority to issue Qualified Mortgage Revenue Bonds (Bonds) for the purpose of obtaining funds to finance home mortgage loans for persons of low and moderate income; and (2) the an aAssignment Agreement assigning of the Bonds to be administered by the TDHCA through the Texas Homebuyer Program (Program) in an amount not to exceed $64,819,515.00. As with all bonds issued by the DHFC, they the Bonds are non-recourse to both the City and the Corporation. They are not liabilities of the City.
The Program is administered by TDHCA and targeted to first time homebuyers and veterans to provide below-market mortgages to Texans that include down payment assistance (DPA) included as either a forgivable or deferred second lien. Interest rates vary based on type of DPA received, location of the home, and market...
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