STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: June 12, 2024
COUNCIL DISTRICT(S): All
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Robin Bentley
______________________________________________________________________
SUBJECT
Title
Authorize an amendment to (1) the Dallas Housing Policy 2033, as shown in the attached Exhibit A page 11 to (a) require 50% of the Department of Housing & Neighborhood Revitalization's annual funding to Equity Strategy Target Areas; (2) the Dallas Housing Resource Catalog to New Construction and Substantial Rehabilitation Program, as shown in the attached Exhibit B pages 31-39 to (a) add a preference to award to developer partners with no current outstanding housing projects with the City; (b) cap all gap funding provided to a developer at a maximum 25% of total development cost or $5,000,000.00, whichever is less (subject to exceptions for affordable housing projects in target areas and developments with specific project initiatives); (c) revise and provide consistency in repayment terms for annual cash surplus payments for developers; (3) Single Family Development Requirements/Underwriting, as shown in the attached Exhibit B pages 71-81 to (a) add a preference for single-family and homeownership development; (b) add a preference to award to developer partners with no current outstanding housing projects with the City; (c) cap all gap funding provided to a developer at a maximum 25% of total development cost or $5,000,000.00, whichever is less (subject to exceptions for affordable housing projects in target areas and developments with specific project initiatives); (d) revise and provide consistency in repayment terms for annual cash surplus payments for developers; and (4) the Land Transfer Program, as shown in the attached Exhibit B pages 44-49 (a) to authorize the City Manager to provide a defaulting developer's third-party private financial institution an opportunity to cure the deve...
Click here for full text