STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: February 26, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Michael Mendoza
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SUBJECT
Title
Authorize a conditional grant agreement with Dallas Housing Foundation and/or its affiliates (Developer) (an "affiliate" shall be an individual or entity that is either a parent company to the Developer or a subsidiary of the Developer) in an amount not to exceed $1,427,000.00 in 2017 General Obligation Bond Funds (1) for public infrastructure costs; (2) the sale of up to 17 Land Transfer lots, for up to 34 single family homes, included in Jeffries-Meyers cluster 1 and/or 3 as shown in Exhibit A, subject to restrictive covenants, a right of reverter, and execution of all necessary documents pursuant to the City's Land Transfer Program and the New Construction and Substantial Rehabilitation Program; and (3) the release of all non-tax City liens, notices, or orders that were filed on the 17 Land Transfer lots prior or subsequent to the deeds transferring the lots to the City of Dallas - Not to exceed $1,427,000.00 - Financing: ECO (I) Fund (2017 General Obligation Bond Fund)
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BACKGROUND
The Department of Housing & Neighborhood Revitalization (Housing) administers two related programs under the Comprehensive Housing Policy (CHP) that seek to appropriately incentivize private investment for the development of quality, sustainable housing that is affordable to the residents of the City: (1) the New Construction and Substantial Rehabilitation Program, which seeks to provide financial assistance to new developments or substantial rehabilitation developments, where such assistance is necessary; and (2) the Land Transfer Program, which allows Housing to sell qualifying City-owned real property and resell tax-foreclosed real property to for-profit, non-profit and/or religious organ...
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