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Council briefed on Public Facility and Housing Finance corporations after out-of-city HFC bought local apartments
Summary
Deputy Director Darren Harris explained differences between a Public Facility Corporation (PFC) and a Housing Finance Corporation (HFC), noted a Valley View property purchased by a traveling HFC and warned of potential 10-year tax-exemption consequences and impending appraisal-board review while litigation continues in other counties.
City economic development staff told the Farmers Branch City Council on Nov. 18 that two corporate structures — Public Facility Corporations (PFCs) and Housing Finance Corporations (HFCs) — can be used to finance public projects, but differ in scope and governance.
Darren Harris, deputy director of economic development, said a PFC is a nonprofit structured to own, finance and build public facilities and may include council members or other public officials on its board. An HFC, he said, is limited to housing-related projects, requires a five-person board with a chair and managing director, and can be used to acquire, construct and finance affordable housing. In…
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