Overview
What is Dallas Development Fund?
The Dallas Development Fund is a nonprofit organization established to support the City of Dallas, Texas, in promoting its common good and general welfare. Their primary mission is to generate private investment capital through the New Markets Tax Credit Program, specifically for low-income communities. To date, they have secured $185 million in allocations for this purpose, channeling the funds into job-creating economic development projects in economically distressed areas, particularly in Southern Dallas. Their financing strategies often include below-market interest rates, higher-than-typical loan-to-value ratios, and provision of equity. The Dallas Development Fund's activities aim to complement existing city efforts to combat uneven development patterns and promote accessible urban village centers in disinvested neighborhoods using transit-oriented development principles.
Official website here: www.dallas-ecodev.org
Is Dallas Development Fund legitimate?
Dallas Development Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Dallas Development Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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Official website here: www.dallas-ecodev.org
What is the mission statement of Dallas Development Fund?
The Dallas Development Fund is established with a mission to aid, assist, and act on behalf of a city, presumably Dallas, Texas, in the execution of its governmental functions. This is done to promote the common good and general welfare of the city. Specifically, the fund aims to support the city's economic development program and objectives by generating private investment capital through the New Markets Tax Credit Program, which is intended for investment in low-income communities.
Official website here: www.dallas-ecodev.org
What is the revenue of Dallas Development Fund?
Dallas Development Fund's revenue in 2023 was $602,871.
Official website here: www.dallas-ecodev.org
Who are the executives of Dallas Development Fund and what are their salaries?
Here are 7 key members and their salaries:
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- Related: $143,904
- Other: $9,505
Official website here: www.dallas-ecodev.org
Where can I find the form 990 for Dallas Development Fund?
Dallas Development Fund's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.dallas-ecodev.org
Learn more at the official website: www.dallas-ecodev.org
Mission Statement of Dallas Development Fund
The Dallas Development Fund is an organization dedicated to aiding, assisting, and acting on behalf of the City of Dallas, Texas, in the execution of its governmental functions. Its primary mission is to promote the common good and general welfare of the city. Specifically, the Dallas Development Fund aims to support the economic development program and objectives of the city by generating private investment capital through the New Markets Tax Credit Program. This program is designed to make investments available for low-income communities, thereby contributing to the betterment of these communities and the city as a whole.
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Impact
October, 2024
The Dallas Development Fund significantly impacts the city of Dallas by facilitating economic growth and revitalization in low-income communities. By leveraging the New Markets Tax Credit (NMTC) program, the Fund has generated $185 million in private investment capital dedicated to job-generating economic development projects, particularly in Southern Dallas.
This initiative addresses historical disparities in commercial activity, which have traditionally been concentrated in Northern Dallas, by funneling resources into economically distressed areas. The Fund employs strategic financial products, such as below-market interest rates and favorable loan-to-value ratios, to make essential capital accessible for community development projects.
Through these efforts, the Dallas Development Fund not only promotes equitable economic opportunities but also supports the creation of accessible urban village centers, enhancing the overall welfare of the city's residents. By effectively aligning with the city's broader economic development goals, the Fund plays a pivotal role in fostering sustainable growth and resilience in underserved neighborhoods, ultimately improving the quality of life for many in the community.
This information is meant to be a general summary of Dallas Development Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $5,025
- Program Service Revenue: $597,846
- Gross Receipts: $602,871
Assets and Liabilities:
- Total Assets: $5,780,682
- Total Liabilities: $1,162,688
- Net Assets: $4,617,994
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MANAGEMENT FEE INCOME
Revenue
$329,948
SUBALLOCATION FEE
Revenue
$240,000
NMTC REIMBURSEMENT INC
Revenue
$27,160
INCOME FROM INVESTMENT
Revenue
$738
Organization Details
Founding Year
2009
Principal Officer
Gilbert Gerst
Website
www.dallas-ecodev.orgNTEE Category
Code: E19 - Health
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