STRATEGIC PRIORITY: Housing & Homelessness Solutions
AGENDA DATE: February 22, 2023
COUNCIL DISTRICT(S): All
DEPARTMENT: Department of Housing & Neighborhood Revitalization
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
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Authorize (1) an amendment to the City of Dallas Comprehensive Housing Policy (CHP), attached as Exhibit A to: (a) establish the Dallas Anti-Displacement Homebuyer Assistance Program (DHAP 10) to provide Dallas homebuyers residing in Dallas for at least ten years with household income between 50%-120% Area Median Income a forgivable loan not to exceed $50,000.00 per household; (b) amend the Dallas Homebuyer Assistance Program (DHAP) by increasing the front-end ratio requirement of the underwriting criteria to 35% and the maximum assistance amount for areas outside High Opportunity Areas to an amount not to exceed $50,000.00 per household; (c) amend the DHAP Targeted Homebuyer Incentive Program by increasing the front-end ratio requirement of the underwriting criteria to 35% and the maximum assistance to an amount not to exceed $50,000.00 per household; and (2) the use of general funds in an amount not to exceed $1,000,000.00 for the DHAP 10 Program - Not to exceed $1,000.000.00 - Financing: Equity Fund
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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. The Dallas homebuyer assistance programs of the CHP currently include Dallas Homebuyer Assistance Program (DHAP) and DHAP Targeted Homebuyer Incentive Program. These programs provide home ownership opportunities to low- to moderate-income homebuyers purchasing within the city of Dallas by providing down payment, closing costs, and principal reduction assistance.
Dallas Homebuyer As...
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