South Dallas / Fair Park Opportunity Fund
The South Dallas community is experiencing development and redevelopment at an accelerating pace. Numerous projects that expand the business base and improve the neighborhood's vibrancy are already underway or are planned for the community.
The purpose of the South Dallas/Fair Park Opportunity Fund (Opportunity Fund) is to provide loans and grants to promote economic development and support human development initiatives neighborhoods surrounding Fair Park. Loans or grants are available to support businesses or entities located with specific census tracts, or that serves a population that is made up of at least 90% of residents from those census tracts.
Grants and loans are available in the following program areas:
- Human Development contracts must demonstrate measurable outcomes related to the following goals in the service area: increase workforce participation and readiness; stimulate small business activity and growth; improve health outcomes; improve public safety; or, improve educational outcomes.
- Economic Development projects must demonstrate the creation of new jobs, the retention of existing jobs or an increase in the Service Area tax base.
- 25% of annually budgeted funds may be awarded as grants; a maximum of $100,000 may be awarded for human development contracts.
- A minimum of 75% of budgeted funds must be awarded as repayable loans
- More details on the program requirements can be found in the Program Statement
Examples of previous projects include:
- Parkland Hospital – Hatcher Station Health Center
- South Park YMCA
- St. Philip's School and Community Center
- Two Podners BBQ & Seafood Restaurant
- Multiple Community Development Corporations
Application for Economic Development Projects
Economic development projects are accepted on a rolling basis. The application form and underwriting criteria will be the current forms and criteria in use by the Office of Economic Development, and the size of any loan or grant will be determined based on that underwriting criteria.
Application for Human Development Projects
Applications for human development awards will be accepted no more than once per year, in response to a Notice of Funding Availability (NOFA) issued by the Office of Economic Development. The application form, procedures and underwriting criteria will be released as exhibits to each NOFA, and the size of any loan or grant will be determined in conformance with that underwriting criteria.
Eligible Program Areas
Entities located in 2010 Census Tracts 25, 27.01, 27.02, 34, 37, 38, 39.01, 39.02, 40, 115 and 203 are eligible to apply for funding from the Trust Fund.
(Note - Tract 203.00 combined 1990 Census Tracts 28, 29, 35, and 36 used for the original formation of the Trust Fund)