A proposed bond referendum would be the city’s largest-ever affordable housing investment.
The Dallas city council is weighing a proposal to invest $400 million in programs that encourage and support affordable housing construction, with the goal of building 100,000 new units in the next decade. As Ken Kelthoff explains for NBC DFW, “A 2024 public improvement bond referendum could include $150 million for housing. That’s far more affordable housing support than any past Dallas bond referendum.”
A similar (much smaller) investment from a 2017 bond referendum helped fund new infrastructure like sidewalks, street lighting, and swere lines in the Bottom neighborhood, which then drew more developers to build housing there. “A 2012 referendum contributed $2 million toward $8.3 million in public money for the 300-unit Palladium Red Bird apartment complex, with 70% of the units reserved for tenants with limited income.”
Some city councilmembers say the last few bond measures didn’t create nearly enough new housing, and that a larger investment is necessary. But the proposal isn’t without its critics, who worry about the large outlay of public funds. According to Kalthoff, “Many public meetings will be held over the next year before details of a 2024 borrowing plan are finalized.”
FULL STORY: Giant $400 Million Dallas Plan to Boost Affordable Housing
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