STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: November 9, 2022
COUNCIL DISTRICT(S): All
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
______________________________________________________________________
SUBJECT
title
A resolution to authorize (1) the Dallas Housing Finance Corporation (DHFC or Corporation) to issue Qualified Mortgage Revenue Bonds (Bonds) for the purpose of obtaining funds to finance home mortgage loans for persons of low and moderate income; and (2) the assignment of the Bonds to be administered by the Texas Department of Housing & Community Affairs through the Texas Homebuyer Program in the amount of $25,000,000.00 - Financing: No cost consideration to the City
title
BACKGROUND
The purpose of this agenda item is to consider and adopt a resolution authorizing 1) the Dallas Housing Finance Corporation (DHFC or Corporation) to issue Qualified Mortgage Revenue Bonds (Bonds) for the purpose of obtaining funds to finance home mortgage loans for persons of low and moderate income and 2) the assignment of the Bonds to be administered by the Texas Department of Housing & Community Affairs (TDHCA) through the Texas Homebuyer Program (Program) in an amount not to exceed $25,000,000.00. As with all bonds issued by the DHFC, they are non-recourse to both the City and the Corporation. They are not liabilities of the City and are repaid solely through.
The Program is administered by TDHCA and targeted to first time homebuyers and veterans to provide below-market mortgages to Texans that include down payment assistance (DPA) included as either a forgivable or deferred second lien. Interest rates vary based on type of DPA received, location of the home, and market conditions at the time of close.
Different program options are offered to homebuyers seeking assistance in targeted or non-targeted areas. Targeted areas include qualified census tracts (QCTs) and areas of chronic economic stre...
Click here for full text