Urban Land Bank Demonstration Program in Dallas, Texas
The Dallas Housing and Acquisition Development Corporation (DHADC) coordinates a program in partnership with taxing entities to revitalize tax-delinquent real estate for affordable housing and community uses. The program supports various project types, including for-sale homes, rentals, community purposes, and side lots sales, with specific eligibility criteria and pricing guidelines. Applicants must meet the requirements outlined to participate in the program.
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Presentation Transcript
Urban Land Bank Demonstration Program Application Training City of Dallas, Texas
Overview 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Contact Information Dissecting the Application Program Description Program Uses Lot Sales Price Eligible Program Applicants Program Requirements Application Steps Tentative Application Timeline Exhibits
Dissecting the Application Exhibits Application Instructions Scoring Factors Pgs. 1-9 Pgs. 13-44 Pgs. 10-11
Program Description The Dallas Housing and Acquisition Development Corporation (DHADC) is a non- profit entity organized under Chapter 379C of the Texas Local Government Code. The following taxing entities participate in the Land: City of Dallas, Dallas County, Dallas County Hospital District, Dallas Independent School District, Dallas County School District, and Dallas County Community College District. The purpose is to reclaim tax delinquent real estate for affordable housing development, community purposes and side lots.
Program Uses A. A minimum of 25% sales < 60% of AMFI Not more than 30% sales between 81% and 115% of AMFI (45% of sales must be between 61% - 80% of AMFI) For Sale Homes (min. of 5 yr. deed restriction): B. Rental (min. of 15 yr. deed restriction): 100% < 60% AMFI 40% < 50% AMFI 20% < 30% AMFI C. Community Purposes, for example: Retail and community gardens D. Side Lots Sold to Adjacent Owners Side lots sales to adjacent owners can not sell, lease or transfer lot 3 years from the date of sale
Lot Sales Price A. For-Sale or Rental development projects Fair Market Value as determined by a Comparative Market Assessment Price discounts will be subject to project underwriting and consideration of the targeted housing beneficiary B. Community Purpose (lesser of): Fair Market Value as determined by a Comparative Market Assessment Price discounts are not applicable C. Side Lots Fair Market Value as determined by the appraisal district, or Sales price recorded in the annual plan Price discounts are not applicable to sale of lots to adjacent property owners
Eligible Program Applicants A. For Sale, Rental, or Mixed Use: Qualified Organization (CHDOs) - Right of First Refusal Qualified Participating Developers B. Community Purpose: Not required to be a Qualified Participating Developer C. Side Lots not appropriate for residential development Adjacent Property Owners
Program Requirements Construction Insurance 18-months from sale to commence construction Must revert 3 yrs from sale if permits and financing is not secured. Compliance w/federal regulations Affirmative Fair Housing Marketing and Selection Plan Section 3 Minority Business Enterprises / Women Business Enterprises Occupancy Requirements Other: Community Outreach 500 ft radius Lot Exchange
Exhibits A: Federal, State and Local Requirements B: List of CHDOs (as of June 6, 2018) C: Rental and Single-Family Development Guidelines D: Homebuyer Underwriting Guidelines E: For-Sale Homebuyer Checklist F: Sample Timeline G: Affirmative Fair Housing Marketing Plan / Selection Plan H: Neighborhood Groups/Associations I: Applicant Forms J: Applicant Conflict of Interest Questionnaire K: Adjacent Property Owner Form
Application Steps 1. Submit Land Bank Application a . Two separate flash drives to City Housing Dept. b. Submit to DHADC, Land Bank Manager a. < 5 lots $125.00 fee 2. Nonrefundable Application Fee b. 6 or more $300.00 fee a. Incomplete Application Land Bank 1. Return to developer (will not be scored) 3. Application Evaluation Purchasing Process b. Complete Application 1. Review within 45 Days Schedule for Consideration 1. Refer for approval a. Score application max 105 pts b. Notice for referral will be sent to developer c. Term Sheet approved by Applicant 1. Material Changes $50.00 to DHADC Board of Directors (If approved) 4. Application Scoring 2. Refer for approval to Econ. Dev. & Housing Committee (if approved) 3. Refer for approval to City of Dallas City Council (if approved) (The process from start to finish may take up to 6 months) a. First complete application submitted 5. Tie Breaker (same lots / same score)
Tentative Application Timeline Due Dates Tasks Last day to submit applications for RESERVED LOTS July 25, 2018 Accepting applications between the hours of 9:00 am 5:00 pm for ALL LOTS July 11 - 25, 2018 August 10, 2018 Complete scoring and issue Applicant notice August 24, 2018 Complete underwriting analysis and recommendations September 20, 2018 Land Bank Board Consideration September 28, 2018 List of remaining lots available for sale posted on the website
Contacts All inquiries or comments should be emailed to: dallasulbdp@dallascityhall.com DHADC will continue to post Frequently Asked Questions on the land bank s website, which is located at: https://dallascityhall.com/departments/housing-neighborhood- revitalization/Pages/LandAcquisition.aspx
