The land for the Cypress Creek project south of Forest Lane at U.S. 75 North Central Expressway will sit vacant once more after a volley of legal maneuvers...
A developer is trying to build tax-credit funded affordable housing on vacant lot at northbound Interstate 75 and Forest Lane. But after some community pushback, the project stalled. On Tuesday, the Public Facilities Corporation with vote on whether to acquire the property and lease it back to the developer to get around the deed restriction that has hindered the development for years.
“There are a number of projects that were affected by that, and so the board has been typically, on its staff’s recommendation, extending these tax credits…,” Kingston said. “The board decided that was no longer appropriate, and they decided our project was the first one they were going to cut off.”In May 2023, Dallas approved a deal allowing the city to buy and lease the property back to Sycamore Strategies with a 100% tax exemption, making a deed restriction unenforceable.
“The City of Dallas had agreed to buy the property for the developer and address deed restrictions on the property if the developer, using the tax credits, obtained financing within a set time,” a city spokesperson wrote in a statement toon Tuesday. “That did not happen, and the tax credits returned to TDHCA. No city funds were spent on the property, and the city does not own the property.
“Everybody always says we don’t want you to build it near a house, we don’t want you to build it overlooking our backyard…” he said. “So we find this site that’s zoned, that’s near a DART rail station within walking distance. It’s in an area that has offices, it’s on the highway, it’s next to an Academy Sports, a tire shop, an oil and lube station, a car wash and all these other things that don’t comply with this deed restriction. So we thought this was going to be okay.
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