24-1696
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
What this record is
- Amount
- $5.00M
- Runs until
- Not stated in the agenda text — the term is normally in the signed agreement, attached to the original item ↗
- Type
- amendment
- Field
- Construction
construction contracts in TX that end within a year →
Governments publish the end date in the award. That date is when the
work goes back out to bid, and it is usually stated years ahead.
Read automatically from the title of the official record. The source document below is authoritative.
- Committee
- Department of Housing & Neighborhood Revitalization
- Requested by
- Department of Housing & Neighborhood Revitalization (HOU)
- Introduced
- May 15, 2024
- On agenda
- June 12, 2024
- Enactment no.
- 24-0846; APPROVED
Where it was heard
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