The Dallas Development Fund (DDF) is a nonprofit Community Development Entity (CDE) created in 2009 by the Dallas City Council. Affiliated with the City of Dallas Office of Economic Development, DDF administers allocations of New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury. The organization is classified as a 501(c)(3) public charity and operates as a non-profit entity dedicated to promoting the common good and general welfare of Dallas.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$6.1M
+9.7% YoY
Revenue
$1.6M
+158.0% YoY
Net Investment Income
$5K
+0.0% YoY
Expenses
$721K
+26.7% YoY
Mission & Focus Areas
DDF aids, assists, and acts on behalf of the City of Dallas in promoting economic development and community welfare. The organization's primary focus is generating private investment capital through the New Markets Tax Credit program to support job-generating economic development projects within economically distressed areas of Dallas, particularly in southern Dallas.
The organization's strategies complement existing city efforts to address uneven development patterns that have historically concentrated new commercial activity in north Dallas. DDF employs transit-oriented development principles to create accessible urban village centers in disinvested neighborhoods.
DDF's financing products feature below-market interest rates, higher than typical loan-to-value ratios, and/or provision of equity to support real estate, corporate expansion, and social service projects in traditionally under-served communities.
Grantmaking
As of September 30, 2024, DDF has closed $222 million in NMTC financing. The organization has received $240 million of New Markets Tax Credit allocation to date.
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Geographic Focus
Where this funder awards grants
DDF focuses its investment activities in Dallas, Texas, with particular emphasis on economically distressed areas and southern Dallas neighborhoods.
Financial History
Multi-year comparison from IRS filings
As of 2024:
- Total revenues: $1,555,131
- Total expenses: $720,982
- Total assets: $6,114,649
- Number of employees: 0
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $6,114,649 | $5,575,362 | $5,780,682 |
| Revenue | $1,555,131 | $602,871 | $429,576 |
| Expenses | $720,982 | $569,090 | $867,494 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $5,025 | $5,025 | $5,016 |
| Distributable Amount | — | — | — |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 0 recipients in 2024
Grant Size Distribution
100 grants across all recorded years
Giving History
Grant recipients and amounts by year
No grants recorded for 2024.
Leadership & Key People
Leadership team and compensation from IRS filings
Gilbert Gerst is identified as running the organization.
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| DORA ZAPATA | DIRECTOR | 0.5 | — |
| DREXELL OWUSU | TREASURER | 0.5 | — |
| EDWARD OKPA | OUTGOING DIRECTOR | 0.5 | — |
| GILBERT GERST | OUTGOING PRESIDENT AND DIRECTOR | 1 | — |
| MICHAEL HORNE | DIRECTOR | 0.5 | — |
| NADIA SALIBI | DIRECTOR AND VICE PRESIDENT | 0.5 | — |
| SANTIAGO BELLO | DIRECTOR | 0.5 | — |
| SHERIDAN NIXON | DIRECTOR | 0.5 | — |
| TERRY KITTLESON | DIRECTOR | 0.5 | — |
| HEATHER LEPESKA | SECRETARY | 16 | — |
Recent News & Activity
Recent developments and announcements
The City of Dallas received a $55 million allocation in New Markets Tax Credits to spur investment and economic growth in underserved areas. Additionally, the South Dallas/Fair Park Opportunity Fund offers $200,000 in grants to spark local growth in the region.
New Markets Tax Credits - Dallas Development FundSubject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Dallas Development Fund fund?
DDF aids, assists, and acts on behalf of the City of Dallas in promoting economic development and community welfare. The organization's primary focus is generating private investment capital through the New Markets Tax Credit program to support job-generating economic development projects within economically distressed areas of Dallas, particularly in southern Dallas. The organization's strategies complement existing city efforts to address uneven development patterns that have historically con…
How do I apply for a grant from Dallas Development Fund?
As of September 30, 2024, DDF has closed $222 million in NMTC financing. The organization has received $240 million of New Markets Tax Credit allocation to date. 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 amount.
Where does Dallas Development Fund make grants?
DDF focuses its investment activities in Dallas, Texas, with particular emphasis on economically distressed areas and southern Dallas neighborhoods.
What is Dallas Development Fund's EIN?
Dallas Development Fund's EIN (Employer Identification Number) is 26-4342371. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in Dallas Development Fund's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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