STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: March 25, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Michael Mendoza
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SUBJECT
Title
Authorize the (1) sale of up to 99 of the Land Transfer lots included in and identified as Five Mile clusters 1-6 as shown in Exhibit A, to Notre Dame Place, Inc. and/or its affiliates (Developer), 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; (2) release of all non-tax City liens, notices, or orders that were filed on the 99 Land Transfer lots prior or subsequent to the deeds transferring the lots to the City of Dallas; and (3) execution of a loan agreement with Developer and/or its affiliates - Not to exceed $1,600,000.00 - Financing: HOME Investment Partnerships Program Funds (This item was deferred on January 22, 2020 and February 26, 2020)
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BACKGROUND
The Department of Housing and Neighborhood Revitalization (Housing) administers two related programs 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 organizations in a direct sale at less than fair market value of the land, consistent with the authorizing statute or ordinance.
On May 9, 2019, Housing released a Notice of Funding Availability (NOFA) for single-family housin...
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