Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Funds topic
No spam. Unsubscribe anytime.
Finance committee outlines options for use of $4 million in excess DPFC funds
Summary
The finance committee presented a range of proposals for using approximately $4 million in excess DPFC funds, including gap financing, a revolving debt fund, down-payment assistance and targeted programs; board members discussed monitoring, verification and prioritization.
DPFC finance committee members on March 25 presented a menu of options for spending approximately $4 million in excess funds, proposing a mix of gap financing, a revolving debt fund, home-buyer assistance and other housing-related programs.
Committee members urged that, because DPFC is focused on housing, the funds should be used to support housing development or related programs. "We could be a bridge lender to some of our developers," said a committee member, noting the potential to earn interest and recycle funds through lending.
Suggestions included a Dallas Home Buyers Assistance Program, gap financing for developments, a revolving debt fund for infrastructure or project gaps, and targeted pilot programs for veterans or seniors. Board members emphasized the need for verification and monitoring if funds are allocated to external organizations. "We would need verification that the money... is in fact being used for x," one director said, noting the DPFC's stewardship responsibility for taxpayer funds.
The document prepared by finance staff will be used as a starting point for further committee vetting; no spending decisions were made at the meeting. The finance committee will continue to refine proposals and develop application or partnership processes if the board endorses a recommended path forward.
