In a first-of-its-kind deal for Dallas, the city has acquired market-rate apartments in North Dallas to turn into affordable housing in response to soaring...
A car passes by The Briscoe Apartments in Dallas along Banner Drive, which has been acquired by an affiliate of the city of Dallas to create affordable housing.In a first-of-its-kind deal for Dallas, the city has acquired some market-rate apartments in North Dallas to turn into affordable housing in response toAn affiliate of the city of Dallas’ Housing Finance Corp.
“It’s a really powerful program for the rent savings it can deliver immediately,” said Lauren Seaver, president of Opportunity Housing Group.This is the first time the city has acquired a market-rate property through one of its corporations to convert into income-restricted apartments, said Kyle Hines, assistant director of the Department of Housing and Neighborhood Revitalization and general manager of the Dallas Housing Finance Corp., and will be funded by housing bonds issued by the city.
The apartments will be targeted at people working in the community such as teachers, police officers and nurses. Hines said the location is ideal because it’s near employers including Medical City Dallas Hospital and Texas Instruments. No residents will be relocated, according to Hines, and current residents who qualify will see their rents lowered to 30% of their income.
Through the city's deal, the typical resident at The Briscoe Apartments will save $250 each month or $3,000 per year on rent.
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