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Dallas housing corporation approves formation of Foundation for Dallas Housing
Summary
The Dallas Housing Finance Corporation voted to form a 501(c)(3) nonprofit, to be named Foundation for Dallas Housing (or another name approved by the general manager), and authorized preparation and filing of formation documents; the measure passed 10–0 with two absences and one vacant seat.
The Dallas Housing Finance Corporation voted Tuesday to create a separate 501(c)(3) nonprofit to serve as an affiliate and the corporation’s sole member, a move backers said will preserve sales-tax exemptions and limit the parent corporation’s liability.
Supporters said the new nonprofit — listed in the resolution as the Foundation for Dallas Housing, with authority for the general manager to approve an alternate name — will allow the housing corporation to participate in financing structures that historically require a nonprofit joint-venture partner. Ryan Bowen, corporation counsel,…
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