DALLAS (CBSDFW.COM) – Today, the Dallas City Council approved a public-private investment plan to finance developments that build and sustain housing opportunities for low- and moderate-income households.
The $6 million grant will seed the new Dallas Housing Opportunity Fund (DHOF). The fund is a targeted response to Dallas’ urgent need for additional affordable housing units and is meant to promote fair housing by fostering investments that dismantle long-standing patterns of segregated housing.READ MORE: Parker County Sheriff's Search For Thieves Who Rigged Pumps, Stole Thousands Of Gallons Of Gas
“To build for our future, Dallas must support programs and policies that provide and promote fair, affordable, and equitable housing,” said Mayor Eric Johnson. “By seeding the Dallas Housing Opportunity Fund, we can strengthen our neighborhoods and improve economic opportunities for all of our residents.”
The DHOF is part of a growing trend of local housing funds that are attempting to take on the nation’s affordable housing crisis. By leveraging public funds to raise private capital, they hope to drive much-needed equitable development.
Dallas real estate received $10.8 billion in multifamily housing investments in 2020 alone, but the capital on its own has not helped drive the expansion required to provide diverse housing options. It is estimated that over half of low-income Dallas households spend more on rant than they can afford.READ MORE: Unseasonably Warm Before DFW Temperatures Drop Below Freezing, Bring Chance For Wintry Mix
The population of Dallas is estimated to have grown nearly 20% over the past 10 years while average rent prices have increased 27%.
Soaring rents and home prices make it difficult for essential workers such as teachers, firefighters, retail clerks, and health workers to find affordable homes near good jobs and schools.
“The City’s leadership in making affordable housing for its residents a priority will bring increased economic opportunity to the city as a whole,” said George Ashton, President of LISC Fund Management, a Washington-based firm that will lead the fund in partnership with Dallas-based The Real Estate Council Community Investors. “Improving the mixture of housing in Dallas is ultimately good for employers, who may otherwise struggle to attract workers because of prohibitive housing costs, and good for families, who are searching for quality housing near good jobs and schools.”MORE NEWS: Students In Keller ISD Among Those Returning To Campus After COVID-19 Closure
More information about the Dallas Housing Opportunity Fund can be found online at LISC’s website.