Currently in Dallas, there is a shortage in housing totaling approximately 20,000 units. In fact, according to the city, six out of every ten residents spend more than 30% of their income on something such as housing. This is something that can really hurt the working poor in the long run.
Thankfully, there is a solution coming, as city administrators have unveiled a plan to construct even more affordable housing. The proposal currently states that over the next three years, more than 3,700 affordable homes will be created every year, and it’s estimated that it will cost approximately more than $538 million in subsidized loans each year to both developers and homeowners.
Additionally, the city is also requesting that 3,000 affordable apartments be constructed during that same three-year time frame. In terms of subsidies, this will cost more than $250 million per year. Administrators, however, are hoping that private funds will go toward helping with the costs, meaning that all city money won’t be involved. Furthermore, they’re requesting that these homes be constructed in areas such as West Dallas and downtown Dallas.
Meanwhile, council members have gone on record of stating that they really want to study the plan that’s been proposed, saying that they want to make sure everything is done correctly and that they don’t rush anything.
A timetable for voting on the proposal is still pending. Once one has been determined, council members will decide whether or not any changes need to be made to the proposal before officially voting on it.
Thank you for visiting Weichert Realtors – Harrell Property Group! We’re excited for the opportunity to help you find your next dream home.