On Tuesday, December 6, 2022, the City of Dallas announced plans for affordable housing.
Dallas has experienced incredible growth over the past few years. The Dallas Federal Reserve stated that the city has seen a rapid rise in population growth as well as home prices.
In April, they reported the median home price reached an all-time high of $436,700 in Dallas. Fort Worth home prices were listed at $369,300. The year-over-year increase for each city was 14.2 percent and 17.4 percent.
The city understands not everyone can afford a $400,000 home so they are working on building affordable housing.
According to Fox 4, Mayor Eric Johnson was at the groundbreaking and said:
"Businesses want to be here. Families want to be here, and young people want to move here to start their lives and careers here."
The housing development will be constructed in Old East Dallas. The facility will be built north of I-30 near Munger Boulevard on 4724 Eastside Avenue.
Residents who want to live here have to earn just over $20,000 and a family of four can earn up to $50,000.
Once complete, the housing will provide 87 units and rents will be between $500 to $1,400.
This is expected to cost the city $25 million according to NBC 5.
You can see more details on affordable housing in the video below:
According to the Texas Health and Human Services, the state provides guidelines for affordable housing:
The Section 811 Project Rental Assistance (PRA) program provides project-based rental assistance for extremely low-income persons with disabilities linked with long term services. The program is made possible through a partnership between TDHCA, the Texas Health and Human Services Commission (HHSC) and eligible multifamily properties. The Section 811 PRA program creates the opportunity for persons with disabilities to live as independently as possible through the coordination of voluntary services and providing a choice of subsidized, integrated rental housing options.
Do you think this is a good idea for Dallas to create these affordable housing projects?