STRATEGIC PRIORITY: Economic Development
AGENDA DATE: May 22, 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 one vacant Land Transfer Program lot to Southfair Community Development Corporation and/or its affiliates, a Qualified Participating Developer under the Land Transfer Program ("Developer") for the construction of up to two to three affordable housing units subject to restrictive covenants, a right of reverter, and execution and recording of all necessary documents, pursuant to the City's Land Transfer Program; (2) the release of all non-tax City liens, notices or orders that were filed on the one Land Transfer Program lot prior or subsequent to the deeds transferring the lot the City of Dallas; and (3) execution of a development agreement with Developer for the construction of up to two to three homeownership townhome units on the Land Transfer Program lot - Estimated Revenue: General Fund $1,972.28 (see Fiscal Information)
Body
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 (CHP), 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.
On April 12, 2...
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