STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: May 27, 2020
COUNCIL DISTRICT(S):|910|DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
______________________________________________________________________
SUBJECT
title
Authorize a second amendment to the loan agreement with East Dallas Community Organization for the development of ten single-family homes for the Scattered Sites Project to: (1) reduce the HOME Investment Partnerships Program (HOME) loan amount from $652,188.00 to $424,677.44, the new total loan amount is $424,677.44; (2) reduce the number of HOME-funded single-family homes from nine to six; and (3) reduce the Neighborhood Stabilization Program amount from $55,020.00 to $47,520.00, the new total amount is $47,520.00 - Financing: No cost consideration to the City
body
BACKGROUND
On May 25, 2016, City Council authorized a housing development loan with East Dallas Community Organization (EDCO), A Community Housing Development Organization, for the construction of 10 single-family homes at scattered sites in Dallas.
On June 13, 2018, City Council authorized an amendment to extend a housing development loan with EDCO from May 25, 2018 to November 30, 2019 and include additional performance thresholds and requirements.
EDCO was awarded $652,188.00 in Home Investment Partnership (HOME) funds for nine single family homes for residents under 80% Annual Median Income (AMI) and $55,020.00 in Neighborhood Stabilization Program (NSP) funds for one single family home for residents under 120% AMI. EDCO completed six HOME-funded units and one NSP-funded unit. The homes were sold to income eligible residents as required by federal and City income guidelines.
EDCO was preparing to complete the remaining three homes when the City was informed on November 1, 2019 by the U.S. Department of Housing and Urban Development (HUD) that it is no longer authorized to expend any additional feder...
Click here for full text