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The purpose of this email is to provide awareness of the upcoming City Council agenda item on June 12, 2024, that will provide proposed changes to the Development Program as described in items 1-4 below.
To-date, the Department of Housing & Neighborhood Revitalization (Housing) presented feedback and summary changes to the policy in the following manner:
- November 14, 2023, briefing to the Housing and Homelessness Solutions Committee (HHSC);
- December 8, 2023, City Manager’s Friday Memo;
- January 22, 2024, briefing memorandum on updates to the Development Program Policy;
- February 14, 2024 by Council Resolution 24-0257, City Council approved changes to two developer programs administered by Housing: 1) the Land Transfer Program (LTP), and 2) the Single-Family Homeownership Development Requirements Program (SFHDR);
- April 23, 2024, briefing updates to HHSC; and
- April 30-May 22, individual meetings with HHS Committee Members.
The areas of the Development Policy that are proposed to be revised are as follows:
- Language will be added to the Land Transfer Program statement to allow a stand-still of the reverter when contractors/developers are financing the construction of homes through traditional financing with a lender. This provides an opportunity for the lenders to cure defaults on the construction loans before the City exercises its right to revert the property.
- Add the following preferences for project selection. These changes provide equity and more partnerships.
- Awards to developer partners with no current outstanding housing projects with the City;
- Apply caps to the amount of gap financing assistance to developers to 25% of the total development cost or up to $5M, whichever is less. Exceptions will be granted to affordable housing projects in target areas and developments with partnerships for specific project initiatives such as city-owned properties, DART, Dallas Housing Authority, Dallas ISD;
- Single family and homeownership developments.
- Equity Strategy Target Areas are to receive 50% of Housing's funding annually.
- Revisions to provide consistency in repayment terms throughout the program statement for annual surplus cash payments.
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