Authorize an amendment to (1) the Dallas Housing Policy 2033, as shown in the attached Exhibit A page 11 to (a) require 50% of the Department of Housing & Neighborhood Revitalization’s annual funding to Equity Strategy Target Areas; (2) the Dallas Housing Resource Catalog to New Construction and Substantial Rehabilitation Program, as shown in the attached Exhibit B pages 31-39 to (a) add a preference to award to developer partners with no current outstanding housing projects with the City; (b) cap all gap funding provided to a developer at a maximum 25% of total development cost or $5,000,000.00, whichever is less (subject to exceptions for affordable housing projects in target areas and developments with specific project initiatives); (c) revise and provide consistency in repayment terms for annual cash surplus payments for developers; (3) Single Family Development Requirements/Underwriting, as shown in the attached Exhibit B pages 71-81 to (a) add a preference for single-family and homeownership development; (b) add a preference to award to developer partners with no current outstanding housing projects with the City; (c) cap all gap funding provided to a developer at a maximum 25% of total development cost or $5,000,000.00, whichever is less (subject to exceptions for affordable housing projects in target areas and developments with specific project initiatives); (d) revise and provide consistency in repayment terms for annual cash surplus payments for developers; and (4) the Land Transfer Program, as shown in the attached Exhibit B pages 44-49 (a) to authorize the City Manager to provide a defaulting developer’s third-party private financial institution an opportunity to cure the developer’s default before the City exercises its Right of Reverter with a right of reentry for affordable multi-family rental or single-family homeownership projects when the third-party lender’s loan is in an amount greater than the City’s financing - Financing: No cost consideration to the City

CONSENT AGENDA Approved Introduced May 15, 2024

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