DeKalb County committee advances $25M initial housing‑investment bond and program package, adds reporting and guideline tweaks

The DeKalb County Finance, Audit and Budget Committee voted to advance two companion resolutions that clear the way for an initial $25 million issuance under a proposed $155 million Housing Investment Bond (HIB) program and authorize launch of related affordable‑housing initiatives.

Dr. Ferguson, the county director who presented the package, said the HIB is structured as a drawdown bond that could generate up to "$155,000,000" in proceeds over multiple tranches and that "this initial issuance is for $25,000,000." He told the committee the drawdown approach is intended to limit interim interest carrying costs while staff builds the development pipeline and readies program implementation.

The companion resolution (item 20 26 10 44) outlines initial programs the administration plans to stand up, including a Multifamily Acquisition Fund; a DeKalb Housing Catalyst multi‑gap financing program; a DeKalb HomeStart down‑payment assistance program; an owner‑occupied rehabilitation program; multifamily/blight redevelopment initiatives; transitional housing and homelessness programs; and a Housing Capacity Seed Fund. The bond resolution (item 20 26 10 43) authorizes the issuance and execution of an intergovernmental cooperation agreement with the Housing Authority of the County of DeKalb, Georgia, and sets transaction parameters (the initial principal cap in the resolution is not to exceed $25,000,000).

Commissioners pressed staff on term, annual debt‑service scenarios and oversight. Commissioner Michelle Long Spears said she supported the goals but raised a caution about committing future administrations, noting the resolution references a maturity date through 2056; she asked for language requiring monitoring and regular reporting. "I just quickly read through the now therefore be resolved section of the resolution. I don't see anything in here about ongoing monitoring," Spears said, adding that she wants an evaluation framework in writing.

County staff and legal counsel responded that many compliance and reporting details are embedded in the companion programming item and the intergovernmental agreement, and that any additional language for the bond resolution should be reviewed by bond counsel. County Attorney Terry Phillips said bond counsel drafts the package and recommended placing operational or programmatic reporting language where it most appropriately belongs rather than in the bond document itself.

Staff committed to returning revised language before the Board vote. Officials told the committee they expect some programs could launch as early as the end of the third quarter of 2026, with the remainder rolling out in the fourth quarter, but cautioned procurement and vendor selection could delay some starts by 60–90 days. Dr. Ferguson said the county expects to monitor program performance quarterly and to provide annual financial and programmatic reporting to the Board.

The committee also discussed program details that staff agreed to refine: creating an inflation adjustment or operational flexibility for the DeKalb County employee down‑payment incentive, eligibility parameters for employee incentives (targeted toward full‑time employees), income tier carve‑outs to better serve households at or below 30% AMI, energy‑efficiency and weatherization as eligible repairs where appropriate, and use of the affordable housing fund (rather than bond proceeds) for programmatic supports such as eviction prevention and emergency rental assistance.

Commissioner Shakira Johnson moved to approve agenda items 10‑43 and 10‑44 "with forthcoming revisions as discussed," and Chair Commissioner Ted Terry seconded. The committee approved the motions by voice vote; the chair recorded the motion as carried. Staff said a supplemental with finalized numbers and any blank fields will be presented on August 18 and finalized by the 25th, and that the Board will vote on the item tomorrow.

What’s next: the full DeKalb County Board of Commissioners will consider the companion bond and program resolutions at its upcoming meeting; staff will return with revised language on reporting, inflation adjustments, AMI tiers and other clarifications before that Board vote.