STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: September 14, 2022
COUNCIL DISTRICT(S): All
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize a four-year consulting contract, with two three-year renewal options, with Reinvestment Fund, Inc. to (1) update the Market Value Analysis; (2) complete a Displacement Risk Ratio for the City of Dallas; and (3) provide associated research and technical support - Not to exceed $236,144.00 - Financing: General Fund (subject to annual appropriations)
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BACKGROUND
On July 27, 2017, the City of Dallas contracted with Reinvestment Fund, Inc. via Administrative Action to provide consultant services for the first Market Value Analysis (MVA). MVA is a tool for neighborhood revitalization and investment that guides interventions not only to where there is a need for them, but also to places where public investment can stimulate private market activity and capitalize on larger revitalization efforts. The MVA has previously been used in Houston, San Antonio, Pittsburgh, New Orleans, Baltimore, and other cities.
In 2017, the MVA was partially funded through private funds, with the City paying $50,000.00 of the total cost. Research was completed to the satisfaction of City staff and was used in the development of the Comprehensive Housing Policy (CHP) and implemented within Dallas City Code Chapter 51A establishing the Mixed Income Housing Development Bonus (MIHDB). After five years, the data is becoming out of date and should be updated to ensure accuracy.
The MVA uses cluster analysis to identify and categorize housing markets throughout the city. The tool identifies similar characteristics between census block geographies and classifies each area as a strong, middle, or weak residential market. This categorization can be used as a guide for community development, neighborhoo...
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