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Irving forum catalogs tools to boost capital for housing; consultant urges credit enhancements and targeted incentives
Summary
City of Irving staff and a National Development Council consultant reviewed financing tools — from soft second mortgages and federal grants to credit enhancements, TIF and community land trusts — as ways to make development and homeownership more affordable in a land-constrained market.
City of Irving planning staff hosted a public session on increasing access to capital for housing, where consultant Raquel Davela outlined financing and policy tools the city could use to make development and end-user financing more feasible. "You should not be spending more than 30% of your household income on housing expenses," Davela said as she framed affordability targets and reviewed how Irving's limited land supply and aging multifamily inventory affect costs.
Davela recommended expanding soft second-mortgage assistance and seeking non-federal funding sources alongside federal programs the city already uses, naming CDBG, HOME, ESG and HOPWA as building blocks for assistance. On the development side, she described mechanisms to reduce costs or improve returns for private developers — neighborhood empowerment zones that can freeze property values and allow permit or development-fee waivers, density bonuses, accessory dwelling units and community land…
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