[{"_1":2,"_111":-5,"_112":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6523169,"mediaKeyId","5065460-412331eb9a72652bcf54a2ee7b602f8b","parentId",5065460,"title","Governance committee presents draft PFC program statement; board to refine before formal vote","audioSeconds",619,"startMs",2697000,"endMs",3316000,"viewUrl","/Search/View?dp=1&key=5065460-412331eb9a72652bcf54a2ee7b602f8b&start=2697&end=3316","thumbnailUrl","https://assets.pipeline.soar.com/5065460-412331eb9a72652bcf54a2ee7b602f8b/thumbnail_2697000.jpg","articleUrl","/articles/6523169/Dallas/Dallas-County/Texas/Governance-committee-presents-draft-PFC-program-statement-board-to-refine-before-formal-vote","mediaUrl","https://secure.pipeline.soar.com/6523169-77d6582cf08250f0e5e370faa14bdd5c/orig.mp4?Expires=1770483234&Signature=JuPdCegWj2ftaXl5pL5sOBIg1RY9p4lNJDxZl2c7IgmmbCa-ICLcXZwxbzO0rCMiURuPedhvNdykUSykGJ7URhKjfMYo8flq6dYgs-UcvKJfxS7G9rIw3i8SyrE5VB-NBGQHqpdodwE6S3-Xra-47OksEsXgpRY5nWKQeCKVTtSziXSMuhABXeY8WloUTfq2N3vT1d0TfkylfayZgBKf0qGGlMeU8La8PhcRUqAvS~1ssPm~hqmpr1psJlvwsyFX1Ce29lJxCJaJefbMhAzqogmRcOw1itP14VaIo~vzq--D2wGTx7kBoOHW59Mms4Nq32TMB7HT46jBZf~ryay75Q__&Key-Pair-Id=KUT5TJCACFTXG","author","Dallas","date","2025-06-24T00:00:00Z","article","The Dallas Public Facility Corporation’s governance committee presented a draft PFC program statement on June 24 that would separate the PFC’s policies from the Dallas Housing Finance Corporation and set priorities for project eligibility, public benefit scoring and procedural safeguards.

Director Ed Montgomery, chair of the governance committee, summarized the draft and explained why the committee recommended a standalone PFC program statement. \"One of the things we see quite a bit is ... taking stuff off the tax rolls,\" Montgomery said, adding that separating PFC policy helps the board focus on new construction while preserving limited options for acquisition conversions where appropriate.

Key elements discussed included:
- A stated preference to prioritize new construction projects while retaining limited authority to consider conversion/acquisition transactions in special cases.
- A public‑benefit scoring framework that would prioritize deeper affordability (targeting 30% and 50% AMI units) and affirmative marketing measures, and that would calculate public benefit consistently for underwriting and negotiations.
- Procedural clarifications about staff involvement: the draft proposes tailored participation by city housing staff without creating a voting seat on the board; the committee and staff said they will refine language to balance expertise and corporate independence.
- Notice and coordination requirements for taxing jurisdictions and TIF boards, aligning PFC notice windows with statutory notice procedures for taxing entities.
- Revenue and staffing principles: the draft lists potential revenue sources and notes the PFC must develop a sustainable staffing model before expanding its pipeline.

The governance committee intends to solicit feedback from the full board and staff before returning a revised program statement for formal approval, with an anticipated action date in August. Montgomery said the committee does not intend to rush the process and wants additional input from housing staff, council members and other stakeholders.

No final board action was taken; the item was a discussion and direction matter. Board members generally praised the draft as a \"very good start\" and encouraged the committee to continue refining the document and to circulate suggested edits by email.

","mediaType","Video","parentTitle","Dallas - Public Facility Corporation Meeting - Jun 24, 2025","oneSentenceSummary","The Dallas PFC governance committee on June 24 presented a draft program statement that would separate PFC policy from the Housing Finance Corporation and set priorities for project eligibility, public‑benefit scoring and staff roles.","taxTitle","Dallas, Dallas County, Texas","taxId",2781,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6523173,"Staff: taxes paid on Northpointe project; closing expected once title documents processed",311,459000,770000,"/Search/View?dp=1&key=5065460-412331eb9a72652bcf54a2ee7b602f8b&start=459&end=770","https://assets.pipeline.soar.com/5065460-412331eb9a72652bcf54a2ee7b602f8b/thumbnail_459000.jpg","/articles/6523173/Dallas/Dallas-County/Texas/Staff-taxes-paid-on-Northpointe-project-closing-expected-once-title-documents-processed","https://secure.pipeline.soar.com/6523173-2d789e80e518b5aeae95d3b5c9751bfc/orig.mp4?Expires=1770483234&Signature=UfmhGR03HBuHKi2vJ3RO~uCXahb0IyKfuPp~X7t8U6tdj~T6DGqpVAcCyWlz-tAyVgr70NFx-AwAObcLvoBFsBRm6YDTrhnN6QFwrCifX2PFGrw6DRbOkc0obnrVn-rI1HoedL~pTp-VKsK49DYc0dpYsoLuWloVgRb4UTqdNPCweDPxjGE3yj~0xOzAnTKs6NrYzst7GspbwRffGGnbDq5wQgBH96pNFpiEg3tDSYN95AD7Pc17CYLaFvWstO8Bh40Lg6Bg8zdspQA3Zy2XqxdudMgEL0CmDS1nqOzAWlsbvpfqSOVe-kMdgCZmfxQPhGgK5nGxg9y-0jnhhoI4og__&Key-Pair-Id=KUT5TJCACFTXG","City staff told the Dallas Public Facility Corporation on June 24 that outstanding tax liabilities for the park at Northpointe project (listed at 9999 Technology Boulevard) have been paid, clearing a final administrative hurdle to closing from the PFC’s perspective.

Staff reported they had received a payment from the developer for late assessments that dated to the prior closing period and that the developer expects to close with construction financing shortly. \"They have paid the taxes that are due, which is the last step on getting this project open online,\" staff said during the meeting.

Staff also said the developer will reimburse the PFC for security, boarding, cleanup, mowing and signage the PFC incurred during the project’s vacancy; those costs have been logged in a spreadsheet and will be submitted to the title company for disbursement at closing. Board members asked that the settlement statement and the supporting invoice spreadsheet be provided to the board before the July meeting for transparency; staff agreed.

Staff gave an estimate of the PFC’s cumulative security and related costs in the neighborhood of \"about $200,000,\" and said that the exact figures will be finalized in the settlement package. The developer’s representative confirmed the expectation that the developer will reimburse recorded expenses on closing.

No formal action was taken; this was an informational update. Staff will circulate the settlement statement and supporting invoices to the board and to the title company before closing and expect to return with a final closing report when the transaction is complete.

","City staff told the Dallas PFC the outstanding taxes on the Northpointe project were paid and that developer reimbursement of security and maintenance costs will be handled at closing. Board asked to receive settlement statement and invoice spreadsheet before closing.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6523177,"DPFC approves term sheet to convert Stemmons extended‑stay hotel into workforce housing",2045,2209000,4254000,"/Search/View?dp=1&key=5065460-412331eb9a72652bcf54a2ee7b602f8b&start=2209&end=4254","https://assets.pipeline.soar.com/5065460-412331eb9a72652bcf54a2ee7b602f8b/thumbnail_2209000.jpg","/articles/6523177/Dallas/Dallas-County/Texas/DPFC-approves-term-sheet-to-convert-Stemmons-extendedstay-hotel-into-workforce-housing","https://secure.pipeline.soar.com/6523177-48b967fdf40eac425a7d63295c16deb0/orig.mp4?Expires=1770483234&Signature=icGbV4QU1Eb7ORkmcbBA~l~dXlaA~xoiIjEow96rtbyZsoshyO61OojSOdDxqjHCLxOu8lvEIyfBQcJpcGRfjrFqEY22ARXKYqeMkhVQEeYDvMvDxenkEsFTzj7LnbeoZZpI0kzVHhlWA0-iqQaxmNkYpG3GhLBBVu8k35YCvjd~KgIZH7s18HFSdHAbOX6LWR1DjqIMVs31KMp96xVzmzB8nWCRUcgauzQNyYpbLsjXvaR8U7kM0rSWzFNYd83CH00oscVfErbY49LB~UNURG9qcB4WruJQoTEpDRaxM3vTRNqFN6xAUzEEoRFs4Tu1CKT52LtqAZHMecrDpSZHmA__&Key-Pair-Id=KUT5TJCACFTXG","The Dallas Public Facility Corporation on June 24 authorized staff to negotiate and execute a term sheet with GoodHomes for an adaptive‑reuse project at 6950 N. Stemmons Freeway that would convert an extended‑stay hotel into workforce housing.

The board approved the item by roll call after hearing a presentation from GoodHomes representatives and staff. Director Stone made the motion to approve, seconded by Director Winters. The vote passed with approval recorded for all members present.

GoodHomes’ presenter Leila Feldman described the company’s adaptive‑reuse model and projected timeline. She said the company plans to close in September and to deliver the first renovated units within about six months after closing. \"We converted distressed hospitality properties into workforce and affordable housing,\" Feldman said, summarizing the sponsor’s experience in other cities. The development team told the board it expects to produce roughly 142 units in the Dallas Medical District and to complete a $7 million+ renovation package.

Affordability and unit mix: GoodHomes’ proposal included an affordability matrix that, as presented, listed 35% of units at 80% AMI, 45% at 60% AMI and 5% at 30% AMI; presenters also described the remainder as market‑rate. The percentages presented in the packet as read aloud do not sum to 100 and staff and some board members noted that discrepancy in real time; staff said they will verify and reconcile the unit‑mix math as part of diligence.

Tax and revenue implications drew substantial board attention. Staff said the property’s current DCAD valuation is about $8.9 million and that an abated stabilized tax estimate used by staff yields roughly $330,000 in abated taxes; under typical DPFC terms (25% share) that would equate to an annual lease payment of roughly $82,000. Braxton noted that, for this project, the payment in the packet was nominal (about $25,000 annually) and described that level as essentially covering administrative expenses. Braxton said the development pro forma is tight but that there may be room to negotiate terms with the developer.

Other diligence items and concerns raised by the board included parking requirements (the site is in a planned development district and will use existing parking rules), the council district and councilmember outreach, elevator and mechanical systems for multiple buildings on site, and whether the PFC should seek deeper affordability (more 30% AMI units) in exchange for changes to the lease terms. Summer clarified that conversions from hospitality to housing do not count as \"acquisitions\" under the PFC statute and therefore are subject to the new‑construction/ conversion framework in the statute rather than the acquisition affordability rules staff applies to occupied multifamily acquisitions.

Next steps: staff and the developer will continue due diligence on the property condition, tax calculations and the affordability matrix, reconcile the unit‑mix percentages in the packet, and return to the board with final documents. The board approved the negotiation and execution of the term sheet so that the developer may continue to advance toward the stated September closing.

","The board authorized negotiation of a term sheet for a GoodHomes adaptive‑reuse project at 6950 N. Stemmons Freeway, approving a PFC partnership to convert an extended‑stay hotel to workforce housing with a multi‑tier affordability mix and a planned September closing.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6523181,"DPFC approves revised Oak House Phase 2 terms, adding deeper affordability and changing rent schedule",1394,773000,2167000,"/Search/View?dp=1&key=5065460-412331eb9a72652bcf54a2ee7b602f8b&start=773&end=2167","https://assets.pipeline.soar.com/5065460-412331eb9a72652bcf54a2ee7b602f8b/thumbnail_773000.jpg","/articles/6523181/Dallas/Dallas-County/Texas/DPFC-approves-revised-Oak-House-Phase-2-terms-adding-deeper-affordability-and-changing-rent-schedule","https://secure.pipeline.soar.com/6523181-fdf5c48008bc33aac5e05812ec41287e/orig.mp4?Expires=1770483234&Signature=XlfflLNS4LvslVhyvftwdDWAiPfvGEnAO5sldkmOZjq9FaohjPcKswtBDdMCQ1pLusnMJN~FX1FIsjhRhRIBnobnO~mZZn1ouew9p~aiS3La-a2phdmRKO0lw-rKT9FtScA21On1h6PH8GUMJDRzi6hZXHwMvyptqiOJjadVqC29cKaAxoSym40vEdxYfPGeJwp~l7H7rc-E7v8q8dHcxXmu6dvtirFO1d-OO~Yk-W36bjXW7z7-gqZc9YnUij9AMSPE8RXc5PRhPOCAEyGCfe--ioSf-X1-2HDBgTJbhDN9MyoUbQyiB1bUSmq4OXSs87s7gi32v42pxl8L0ATLiw__&Key-Pair-Id=KUT5TJCACFTXG","The Dallas Public Facility Corporation on June 24 approved renegotiated terms for Oak House Space 2, a planned multi‑family project at 909 E. Colorado Blvd., that increase the number of affordable units and change the rent‑payment schedule to include an upfront payment and delayed rent start.

The board’s vote, taken by roll call, was unanimous among members present. Director Tallis moved to approve the term sheet, and Director Brown seconded the motion.

The changes presented by developer representative Katie Slade shift the project from the original 350 units to 370 units and add deeper affordability by increasing the share of units at lower income levels. \"Phase 2 is now fully designed,\" Slade said, describing the financing adjustments the developer requested to make the project financeable. She told the board the developer has identified an equity partner that asked for changes, including an upfront capitalized payment and a delayed rent stream that would begin in year six.

Why it matters: the revised terms trade recurring payments to the PFC for deeper, long‑term affordability on site. That reduces the PFC’s expected ongoing lease revenue while increasing the number of lower‑income units the project will offer.

Board and staff discussion focused on the magnitude of the tradeoffs and timing. City staff members Summer and Braxton walked the board through the underwriting and public‑benefit math. Summer said the additional 5 percentage points of units at 50% AMI would cost the project about $55,000 a year in reduced rents and that the change in rent payment terms reduces the PFC’s share of property tax savings from the typical 25% to roughly 15% under the revised structure. Summer summarized the net effect as a substantial annual difference: \"that is about a $180,000 a year\" reduction in what the PFC would receive compared with the prior terms, she said.

Braxton confirmed the staff calculations and added context on the rent‑savings and tax numbers used in underwriting. He said the developer’s revised rents for restricted units appear achievable and that staff’s alternative calculations produce a lower estimate of public subsidy than the developer’s original figures. When Director Montgomery compared estimated rent savings to projected stabilized taxes, Braxton agreed with his arithmetic, describing the resulting ratio as \"higher than normal\" but within a plausible range for this type of deal.

Board members also requested additional documents and timing details. The developer said it is scheduled to close land and financing in late August and is asking for execution of documentation so closing can proceed. Directors asked staff to provide the settlement statement and the spreadsheet of invoices the PFC intends to submit to the title company so the board can review the items that would be reimbursed on closing. Staff agreed to provide those materials at the July meeting.

The record: motion to approve the Oak House Phase 2 term sheet passed by roll call with unanimous approval among members present; the board directed staff to follow up with city attorney’s office on whether the reworked terms require separate city‑council action and to provide the settlement statement and supporting invoices before closing.

Next steps: staff will continue documentation work with the developer and legal counsel, return final closing documents to the board in July, and confirm with the city attorney whether the revised terms must be resubmitted to the city council for approval.

","The Dallas Public Facility Corporation unanimously approved changes to the Oak House Phase 2 term sheet that add units at deeper affordability levels and move most rent payments to later years while requiring an upfront payment. Board members raised questions about city-council review and the revenue tradeoffs the changes create.","actionData","errors"]

Article not found

Governance committee presents draft PFC program statement; board to refine before formal vote

Staff: taxes paid on Northpointe project; closing expected once title documents processed

DPFC approves term sheet to convert Stemmons extended‑stay hotel into workforce housing

DPFC approves revised Oak House Phase 2 terms, adding deeper affordability and changing rent schedule