New Markets Tax Credits - Dallas Development Fund
The City of Dallas Office of Economic Development, through its Community Development Entity (CDE) Dallas Development Fund (DDF), administers allocations of New Markets Tax Credits (NMTC) from the US Department of the Treasury. Created in 2009 by the Dallas City Council, DDF is a non-profit organization affiliated with the Office of Economic Development that uses NMTC to provide equity funding for real estate, corporate expansion, and social service projects in traditionally under-served communities.
Under the NMTC financial structure, investors (generally corporations) purchase federal income tax credits from CDEs. The credit they receive is 39 percent of the original investment, claimed over seven years, and serves as a benefit to the qualified NMTC project.
To date, DDF has received four allocations, in 2009, 2012, 2014 and 2017 for a total of $185 million. We are currently seeking projects for our most recent $55 million in allocation, and our intake form is available here. DDF accepts projects on a rolling basis while funds remain available.
Under the NMTC financial structure, investors (generally corporations) purchase federal income tax credits from CDEs. The credit they receive is 39 percent of the original investment, claimed over seven years, and serves as a benefit to the qualified NMTC project.
Availability
To date, DDF has received four allocations, in 2009, 2012, 2014 and 2017 for a total of $185 million. We are currently seeking projects for our most recent $55 million in allocation, and our intake form is available here. DDF accepts projects on a rolling basis while funds remain available.
Dallas New Markets Tax Credits Eligible Areas
Dallas Development Fund Success Stories
Girl Scouts of Northeast Texas STEM Center of Excellence
6010 Whispering Cedars Drive
Dallas, TX 75236
Two allocations (2016 and 2019) totaling $11.5 M helped to finance the transformation of an aging, 92 acre Girl Scout Camp into a first-of-its-kind STEM learning campus, which serves as a model nationwide for other Girl Scout facilities. More than 15,000 students experience hands-on STEM activities to prepare girls for STEM careers by building confidence and competence in critical science, technology, engineering and math skills.
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6010 Whispering Cedars Drive
Dallas, TX 75236
Two allocations (2016 and 2019) totaling $11.5 M helped to finance the transformation of an aging, 92 acre Girl Scout Camp into a first-of-its-kind STEM learning campus, which serves as a model nationwide for other Girl Scout facilities. More than 15,000 students experience hands-on STEM activities to prepare girls for STEM careers by building confidence and competence in critical science, technology, engineering and math skills.
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Kroger Fresh Fare
4901 Maple Ave.
Dallas, TX 75235
Adapting a former hardware store near the Southwestern Medical District and a light-rail station, this store opened with the assistance of $12.5 million in allocation from DDF. The store opened in May 2012 with 57 full-time and 83 part-time employees.
4901 Maple Ave.
Dallas, TX 75235
Adapting a former hardware store near the Southwestern Medical District and a light-rail station, this store opened with the assistance of $12.5 million in allocation from DDF. The store opened in May 2012 with 57 full-time and 83 part-time employees.
Cristo Rey Dallas
1064 N. St. Augustine Dr.
Dallas, TX 75217
Located in Pleasant Grove, and founded in 2014, Cristo Rey is a nonprofit private Catholic high school providing high-quality college prep education to low and moderate-income students of all faiths. A total of $10.5 million in allocation from DDF supports the construction of two campus buildings.
1064 N. St. Augustine Dr.
Dallas, TX 75217
Located in Pleasant Grove, and founded in 2014, Cristo Rey is a nonprofit private Catholic high school providing high-quality college prep education to low and moderate-income students of all faiths. A total of $10.5 million in allocation from DDF supports the construction of two campus buildings.
Interfaith Family Services
5600 Ross Ave
Dallas, TX 75206
DDF's $6 M in allocation supports the Family Empowerment Center, which opened in 2019. The Family Empowerment Center serves more than 300 families and offers childcare, workforce training and other supportive services to empower families in crisis to break the cycle of poverty.
5600 Ross Ave
Dallas, TX 75206
DDF's $6 M in allocation supports the Family Empowerment Center, which opened in 2019. The Family Empowerment Center serves more than 300 families and offers childcare, workforce training and other supportive services to empower families in crisis to break the cycle of poverty.
Vogel Alcove
1738 Gano St.
Dallas, TX 75215
Housed in a former public elementary school in the Cedars neighborhood south of downtown, Vogel Alcove provides children from homeless or at risk families with pre-school, therapy, and health support services. To help with the renovation of the facility, DDF provided an allocation of $6 million for the 13 classrooms, resource center, playground, library and other spaces.
1738 Gano St.
Dallas, TX 75215
Housed in a former public elementary school in the Cedars neighborhood south of downtown, Vogel Alcove provides children from homeless or at risk families with pre-school, therapy, and health support services. To help with the renovation of the facility, DDF provided an allocation of $6 million for the 13 classrooms, resource center, playground, library and other spaces.
Dormae Products (Serta)
9025 Old Hickory Trail
Dallas, TX 75237
This 297,000 sq. ft. facility is the second location for Dormae Products, a licensed Texas-based Serta manufacturer. DDF provided a $9 million allocation to support the project, located in the Red Bird area of Southern Dallas. Opened in November 2015, the plant is expected to create 160 full-time jobs.
9025 Old Hickory Trail
Dallas, TX 75237
This 297,000 sq. ft. facility is the second location for Dormae Products, a licensed Texas-based Serta manufacturer. DDF provided a $9 million allocation to support the project, located in the Red Bird area of Southern Dallas. Opened in November 2015, the plant is expected to create 160 full-time jobs.
Parkland Hatcher Station Health Center
4600 Scyene Rd.
Dallas, TX 75215
The first phase of the Hatcher Station Village project located at the eastern end of the South Dallas / Fair Park area, the health center is the first Parkland Hospital system clinic adjacent to a DART light rail line. A $15 million allocation from the DDF supported the $18.3 million project, which also included support from the City of Dallas Public/Private Partnership Program and the South Dallas / Fair Park Trust Fund. The clinic opened in May 2015 with 105 full-time positions.
4600 Scyene Rd.
Dallas, TX 75215
The first phase of the Hatcher Station Village project located at the eastern end of the South Dallas / Fair Park area, the health center is the first Parkland Hospital system clinic adjacent to a DART light rail line. A $15 million allocation from the DDF supported the $18.3 million project, which also included support from the City of Dallas Public/Private Partnership Program and the South Dallas / Fair Park Trust Fund. The clinic opened in May 2015 with 105 full-time positions.