STRATEGIC PRIORITY: Economic and Neighborhood Vitality
AGENDA DATE: December 8, 2021
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Economic Development
EXECUTIVE: Dr. Eric A. Johnson
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SUBJECT
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Authorize (1) approval of the City of Dallas Economic Development Affordable Housing (EDAH) Program pursuant to the economic development programs provisions of Chapter 380 of the Texas Local Government Code for the public purpose of promoting state and local economic and community development and to stimulate business and commercial activity by developing affordable housing in Dallas; and (2) an unsecured conditional Chapter 380 Economic Development Grant Agreement with Dallas Housing Opportunity Fund LLC, acting by and through its sole member, LISC Fund Management, LLC, in an amount not to exceed $6,000,000.00 pursuant to the EDAH Program - Not to exceed $6,000,000.00 - Financing: Dallas Housing Trust Fund
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BACKGROUND
The City of Dallas (the "City") serves as the hub of economic activity for the fastest growing region in the country, yet low-income households are increasingly having a difficult time obtaining affordable housing. In furtherance of the essential public purposes of promoting economic development, building stronger neighborhoods and communities, developing equitable workforce housing and creating and maintaining affordable housing throughout Dallas, the City is seeking the substantial additional capacity needed to create or retain affordable housing for the benefit of low-and moderate-income persons.
In response to the economic impact of the affordable housing shortage, City staff developed the EDAH Program, which is designed to meet the needs of households who seek affordable housing options. The public purpose of the EDAH Program is to support projects and programs that facilitate the production and preservation of affordable housing units within the corporate limits of the...
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