[{"_1":2,"_98":-5,"_99":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,86],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6639379,"mediaKeyId","3773681-397a67afe51f76084f3e3c14c476526d","parentId",3773681,"title","DHFC hears Stifel presentation on single‑family mortgage bond program and options for a local program","audioSeconds",577,"startMs",2428000,"endMs",3005000,"viewUrl","/Search/View?dp=1&key=3773681-397a67afe51f76084f3e3c14c476526d&start=2428&end=3005","thumbnailUrl","https://assets.pipeline.soar.com/3773681-397a67afe51f76084f3e3c14c476526d/thumbnail_2428000.jpg","articleUrl","/articles/6639379/Dallas/Dallas-County/Texas/DHFC-hears-Stifel-presentation-on-singlefamily-mortgage-bond-program-and-options-for-a-local-program","mediaUrl","https://secure.pipeline.soar.com/6639379-8337824fd82bea2754eea13b44842e81/orig.mp4?Expires=1775528530&Signature=TaCSZvsth0jXB2juqhMT6DaHo6MBZvNB0NbHqjZdgQOtNFp77TvRuHtMpld7UXw0-sa3oKl1RdGoABfY7Ai6Hw~WbJc92gheZ35HlY9hiom9xgIIStbV-McAFFNZNRrfu0PVBoL9IZFURjM5fVAqb0c3bN19MaJlz1shaPFkBwxPALD8FgHP3tbXj8hXRjoUd7KIprD1ckrTdjZ9kaj0ciir2bgbqiNiLMpQYoQOFDiSd1pcNvP7cS8juNagdZWzZZBeyW5lgl7b~iHMQaVxk8f3qWgv3c7HFSsLUBHtyL0MC0nA4u9ZZISbVaDa~0j72fckGiplYihmkFTCapr2~w__&Key-Pair-Id=KUT5TJCACFTXG","author","Dallas","date","2025-06-10T00:00:00Z","article","At the Dallas Housing Finance Corporation meeting on June 10, 2025, the board heard a presentation from Mike Erinhardt, managing director at Stifel, Nicholas & Company, on the mechanics, risks and market prospects for a DHFC‑sponsored single‑family mortgage revenue bond program with down‑payment assistance.

Stifel presented a model of a roughly $25 million mortgage revenue bond deal that would pair below‑market mortgages with down‑payment assistance (commonly 3%–3.5% in the model). Under the scenario shown, an issuer contribution of about $1,335,000 would be required up front to capitalize interest, cover lender compensation and create a down‑payment assistance account. The presentation modeled an indicative note rate to borrowers near 6.48% and used market assumptions from June 2025.

Why it matters: A DHFC-run single‑family bond program could offer below‑market mortgage rates and targeted down‑payment assistance to eligible homebuyers in Dallas, increasing home‑purchase opportunities for lower‑ and moderate‑income households. Board members and staff said DHFC can either assign up to the full 2025 allocation to TDHCA or reserve part for a DHFC program; the board approved a separate resolution authorizing application and potential assignment for up to $61,000,000.

Program structure, market and timing

Stifel recommended lining up a master servicer and a set of correspondent lenders before pricing bonds. The firm said it has worked with servicers such as Land Home and others, and described experiences in other jurisdictions (for example Tulsa and Cleveland County) where similar programs originated rapidly with heavy outreach to lenders and realtors. Stifel provided a high‑level cash‑flow summary showing how bond premium can fund down‑payment assistance and how capitalized interest accounts support debt service during the origination window.

Staff and advisers discussed timing constraints tied to Texas bond‑allocation rules: board members were told there is an early August window and other administrative dates that affect whether DHFC can assign the 2025 allocation to TDHCA or retain some for a local program; staff recommended making allocation decisions at the July meeting if the board intends to reserve capacity for a DHFC program rather than assign all to TDHCA.

Risks and mitigations discussed

Erinhardt described interest‑rate risk: if DHFC issues long‑term tax‑exempt bonds to fund the program and market interest rates later fall, the program’s fixed spread between the bond cost and borrower note rate could be less favorable. To mitigate risk, Stifel recommended pre‑marketing to and executing program agreements with multiple lenders so originations occur quickly after pricing. The presentation also reviewed options for down‑payment assistance structures, including forgivable liens that lapse after a period (five‑year forgivable liens were discussed as a precedent used elsewhere).

Staffing and operations

Stifel and outside advisers said the program does not require a large DHFC staffing addition; they described turnkey program administration in other jurisdictions that relied on program administrators, master servicers and marketing support. One example cited: a nearby county that executed a $25 million bond transaction with minimal local staff by leveraging outside servicers and program administration.

Board reaction and next steps

Board members asked for more detail on underwriting assumptions, present‑value returns and potential issuer‑investment sizing under alternate prepayment scenarios. Stifel said more detailed cash‑flow and sensitivity work would follow if DHFC authorizes moving toward inducement documents. The board previously adopted a resolution authorizing the application for up to $61,000,000 in single‑family allocation; staff noted a July decision point to preserve DHFC’s option to reserve part of the 2025 allocation for a local program.

Ending

Stifel’s presentation supplied a practical timeline and model for DHFC to consider entering the single‑family mortgage bond market. Staff and advisers will provide follow‑up financial modeling and timetable options for a possible inducement and issuance if the board chooses to pursue a DHFC-run program.","mediaType","Video","parentTitle","Dallas - Dallas Housing Finance Corporation - Jun 10, 2025","oneSentenceSummary","At the Dallas Housing Finance Corporation meeting on June 10, 2025, the board heard a presentation from Mike Erinhardt, managing director at Stifel, Nicholas & Company, on the mechanics, risks and market prospects for a DHFC‑sponsored single‑family mortgage revenue bond program with down‑payment assistance.","taxTitle","Dallas, Dallas County, Texas","taxId",2781,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":42,"_43":78,"_45":79,"_47":80,"_49":81,"_51":82,"_53":83,"_55":56,"_57":58,"_59":84,"_61":62,"_63":64,"_65":85,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6639384,"Dallas Housing Finance Corporation approves four financing resolutions and a bond-allocation resolution",624000,1201000,"/Search/View?dp=1&key=3773681-397a67afe51f76084f3e3c14c476526d&start=624&end=1201","https://assets.pipeline.soar.com/3773681-397a67afe51f76084f3e3c14c476526d/thumbnail_624000.jpg","/articles/6639384/Dallas/Dallas-County/Texas/Dallas-Housing-Finance-Corporation-approves-four-financing-resolutions-and-a-bond-allocation-resolution","https://secure.pipeline.soar.com/6639384-68d0c5a83e82efd473de30cf621a59dd/orig.mp4?Expires=1775528530&Signature=mp8XFAKRtDDQC0zIe1QGtv~uemTNMFiTUbXM8QNVqDQKnE1qXoaR-PEZVcI4S1hR~yeyfd-CoF7hmby91OD24iA946Q8gDekW7nFq9fCuhDb0hbd6Mrb8ECu1SqH-HlvtxpQ0A~z7RAbLdPYDq3giL9spGve4tP1ARIuxTItQvxk4LTMCqmuUUgtPXr7Fm2YxWcd4CR0occrVbwwFZkdQjMx0E~~8Eefpi1ZJaOGT28t4-9WH0cYXzZAy~nWpVTaCXMM5qWCt0i-xag0EK1GegLbnJJUXFZLD3w~7OUm97E6fBhX~HTMnbUMV7FJJBa6LDC~K2IcBZ3IuPnpl4lExw__&Key-Pair-Id=KUT5TJCACFTXG","President Marcy Halban presided over the Dallas Housing Finance Corporation (DHFC) meeting on June 10, 2025, where the board approved a series of financing resolutions for multifamily projects and a resolution to pursue a single-family private-activity bond allocation of up to $61,000,000.

The board adopted final-document approvals for financing and ground-lease arrangements for three multifamily projects: Legacy on Keast (2621 Sutherland Avenue), Palladium Buckner Station (401 South Buckner Boulevard), and Highline Illinois (4710 West Illinois Avenue). The board also approved a resolution to apply for and, if needed, assign up to $61,000,000 in single-family private-activity bond allocation to the Texas Department of Housing and Community Affairs (TDHCA) for use in single-family mortgage loans. The DHFC voted to approve minutes of its April 8, 2025 meeting earlier in the session.

Why it matters: The approvals put three new multifamily developments on track to close and begin construction in mid‑summer 2025 and preserve the option for DHFC to participate in or assign single‑family bond allocation that could support low‑ and moderate‑income homebuyers in Dallas.

Key approvals and immediate next steps

- Legacy on Keast: The board approved documents authorizing ground-lease, partnership admissions, and financing that will include TDHCA-issued governmental notes, equity financing, subordinate loans and corporate subordinate financing. Closing was anticipated in early July 2025. The board recorded unanimous approval and the motion passed.

- Palladium Buckner Station: The board approved issuance of multifamily housing revenue bonds (series 2025) not to exceed $50,000,000 to finance acquisition, construction and equipping of the Buckner Station development. A closing date in mid‑July 2025 was discussed; the motion passed unanimously.

- Highline Illinois: The board approved two series of multifamily housing revenue bonds (aggregating not to exceed $35,000,000) and related financing documents. The board noted a near-term closing date and approved final documents.

- Single-family private-activity bond allocation (up to $61,000,000): The board approved a resolution authorizing an application to the Texas Bond Review Board for a single-family private-activity bond allocation up to $61,000,000 and authorized assignment authority so DHFC could assign some or all of that allocation to TDHCA if the board chooses. The motion authorizes up to that amount; any later assignment or a decision to keep part of the allocation for a DHFC-run program would be chosen by subsequent board action.

Votes at a glance

The meeting transcript records the board calling the roll and recording approvals after each presentation. For each financing resolution presented (Legacy on Keast, Palladium Buckner Station, Highline Illinois) and for the single-family allocation resolution, the board recorded approval during roll-call and the chair declared the motions passed.

What the approvals do not do

The approvals adopted the final-form financing documents and authorized staff and officers to execute transaction documents, but they did not complete closings. Closing dates were discussed and presented as contingent on customary finance and lender conditions; the board repeatedly noted that dates could shift.

Board comments and process notes

Board members asked procedural questions about closing timing, tax‑credit and property-tax discussions in light of recent state legislation, and confirmed that staff and outside advisers remain engaged to finalize documents. Staff said anticipated closing windows were mid‑July for several projects and that borrowers and lenders had been engaged in previous presentations to the board.

Ending

The approvals clear multiple projects to proceed toward closing and preserve DHFC flexibility on how to use its 2025 single-family private‑activity bond allocation. Staff will return with transactional closing notices and any required follow‑up board actions.","The Dallas Housing Finance Corporation on June 10, 2025, approved resolutions to advance four multifamily developments and authorized a single-family private-activity bond application and assignment authority of up to $61 million; board members voted unanimously on the items presented.",{"_33":87,"_35":36,"_37":38,"_39":88,"_41":89,"_43":90,"_45":91,"_47":92,"_49":93,"_51":94,"_53":95,"_55":56,"_57":58,"_59":96,"_61":62,"_63":64,"_65":97,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6639374,"Public comment urges keeping DHFC independence; board and staff discuss HB 21 implications",4496,142000,4638000,"/Search/View?dp=1&key=3773681-397a67afe51f76084f3e3c14c476526d&start=142&end=4638","https://assets.pipeline.soar.com/3773681-397a67afe51f76084f3e3c14c476526d/thumbnail_142000.jpg","/articles/6639374/Dallas/Dallas-County/Texas/Public-comment-urges-keeping-DHFC-independence-board-and-staff-discuss-HB-21-implications","https://secure.pipeline.soar.com/6639374-eb78c525582546e281d13da396b6f183/orig.mp4?Expires=1775528530&Signature=G-lLoFq~oeJKaz~Yb6DQkiVAvfDMwHQiSMEehC1GJXhZbPJ-sFmsGoFAlePoT9Y1BgqMl8DVd5iSA8zH~9~nNkncqYy1WqrFn~zWEq7H-hhh7QprUPiLa2yTaGw8MXkc4Cs9~MsZMGEgPtlR7VRFUTgGPWpLna7ai8F0crnelnbRiJXnkqrjwf~zNuRFxnfdU5fi6S1DJiBNBLq0grr7OgEqSOSMioTM8p3CcsC6qQYOGs4PZ8bqdoVQMY~pom6kCltQyuFPhDcLgb7A-zInS7GsrNlIRKWG8qWaTI4W3hlZIrPJH6ytOfQ2ufZmHDi-~MZV7KiYA8DbL7nllEsEug__&Key-Pair-Id=KUT5TJCACFTXG","During public comment at the June 10, 2025 Dallas Housing Finance Corporation meeting, a member of the public urged the board to preserve the current governance structure of the Housing Finance Corporation (HFC) and the Public Facilities Corporation (PFC). The commenter said he represents affordable‑housing developers and expressed concern that recent departmental proposals to change governance would face limited council support.

Why it matters: The city and its housing entities are evaluating policy proposals and statutory changes that could affect oversight, responsibilities and the structure of HFC/PFC operations. Separately, House Bill 21, signed by the governor on May 28, 2025, introduces new compliance requirements for certain housing financing structures that will affect how the HFC and local sponsors evaluate and manage deals.

Public comment and governance proposals

A public commenter identified as speaking on agenda item 11 urged the board to continue the HFC’s current work without the proposed governance changes and said he believed there was limited political will on the council to enact the department’s proposals. The commenter said he had submitted written comments to the board and offered to answer questions.

Discussion of corporation policy recommendations

President Marcy Halban and staff summarized a months‑long review process by the City of Dallas Department of Housing and Community Development to propose policy recommendations affecting the HFC and the PFC. Staff said those proposals began in October and have proceeded through committee presentations and a small round‑table meeting that included representatives of the housing department, the DHFC, the DPFC and community stakeholders; another meeting was scheduled later in June to continue that work. Staff recommended holding further review until after that follow‑up meeting.

House Bill 21: compliance and deal impacts

Director Ryan Garcia provided an overview of House Bill 21 and its companion Senate Bill. He and other board members described several provisions that change statutory requirements for tax‑abatement and workforce housing deals and impose added annual public‑benefit testing for certain property‑tax exemptions. Key points discussed:

- HB 21 adds reporting, lease‑protection and audit requirements, and establishes an annual test (described in the discussion as a “rent‑reduction” or “public‑benefit” test) that will measure whether property‑tax exemptions produce the promised rent reductions. Staff described a 50% test of exemption value tied to rent concessions, with the ability to pay a shortfall to taxing districts if the test is not met.

- The statute includes a 10‑year period for existing deals to come into compliance with some of the more detailed requirements, while other requirements (such as certain reporting and lease protections) take effect sooner.

- HB 21 also tightens the framework for “out‑of‑jurisdiction” deals: sponsors doing projects outside the city limits now face new hurdles. Several board members said that, in practice, out‑of‑jurisdiction deals will be harder to underwrite and obtain investor confidence for going forward.

Board members and staff noted the law contains several ambiguous provisions that will require regulatory guidance from state agencies; staff expected TDHCA to issue interpretive rules by mid‑ to late‑2025. Board members asked staff, legal counsel and financial advisers to review the HFC’s existing portfolio and transactions that might be affected and to return with recommendations on document amendments or other remediation steps if needed.

Next steps

Staff and board members agreed to continue review after the departmental round‑table meeting at the end of June and recommended a follow‑up presentation to the full board so all members can review the department’s recommended policy changes and the implications of HB 21. The board went into closed session for legal advice and a personnel matter at the end of the public session.

Ending

The board deferred final action on corporation policy recommendations pending further stakeholder meetings and regulatory guidance on HB 21; staff will present a consolidated update to the full board after the next round‑table meeting.","A public commenter urged the board to preserve existing governance of the HFC and PFC; board members and staff discussed proposed corporation policy recommendations and new state law House Bill 21, focusing on compliance burdens and impacts for in‑jurisdiction and out‑of‑jurisdiction projects.","actionData","errors"]

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DHFC hears Stifel presentation on single‑family mortgage bond program and options for a local program

Dallas Housing Finance Corporation approves four financing resolutions and a bond-allocation resolution

Public comment urges keeping DHFC independence; board and staff discuss HB 21 implications