Dallas leaders agree that two corporations responsible for financing affordable housing need diligent oversight. But a City Council Housing Committee majority agreed last week that instead of pausing the programs, projects should move forward while bylaw revisions are made.
Public Facility Corporations (PFCs) and Housing Financing Corporations (HFCs) like the ones discussed at last week’s Housing and Homelessness Solutions Committee can incentivize developers to build more affordable housing in underinvested areas. Since its inception in June 2020, the Dallas Public Facility Corp. has brought in $3.8 million and the Housing Finance Corp. has revenues totaling $23.6 million. Those dollars will ultimately be funneled toward affordable housing needs in Dallas.
“The reason we’re here today is to make sure we’re using HFCs and PFCs to the best of their abilities, making sure they are reflecting the priorities of our city council and the City of Dallas, making sure we are using those revenues to reinvest back into our priorities,” HHS Chair Jesse Moreno said.
Greater Oversight
City Councilwoman Cara Mendelsohn, who has routinely voted against PFC projects, has been critical of PFC projects because they are taken off the tax rolls, often for up to 75 years, and has questioned whether the affordable units they provide are actually in the income bracket where housing is most needed. She asked to review the PFC board’s bylaws in August…