STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: October 13, 2021
COUNCIL DISTRICT(S): All
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize an amendment to the City of Dallas Comprehensive Housing Policy, previously approved on May 9, 2018, by Resolution No. 18-0704, as amended, to amend the terms of the Dallas Homebuyer Assistance Program (DHAP) to: (1) change the citizenship definition for applicants to meet the guidelines set forth by The Department of Housing and Urban Development (HUD); (2) remove the minimum income requirement of 60% of the Area Median Income (AMI) (3) remove the minimum 26% front-end loan to income ratio requirement; and (4) modify the Targeted Homebuyer Incentive Program to remove federal requirements when assistance is provided to homebuyers using nonfederal funds - Financing: No cost consideration to the City
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BACKGROUND
The Comprehensive Housing Policy (CHP) has three main goals: (1) create and maintain available and affordable housing throughout Dallas; (2) promote greater fair housing choices; and (3) overcome patterns of segregation and concentrations of poverty through incentives and requirements.
DHAP provides homeownership opportunities to low- and moderate-income homebuyers through financial assistance when purchasing a home within the City of Dallas. This includes, principal reduction, down payment assistance, and/or closing costs.
In order to improve DHAP's effectiveness and broaden the potential number of residents served, the Department of Housing & Neighborhood Revitalization (Department) recommends the following changes to the Dallas Homebuyers Assistance Program:
* Amend the AMI limits to remove the 60% Minimum
Staff recommends removing the 60% AMI minimum income requirements because numerous applicants that were approved for loans by DHAP-approved mo...
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