West Dallas is getting much-needed affordable homes | Opinion
A rendering shows a home in the Builders of Hope Revitalize West Dallas project, a product of public and private partnership to bring 20 affordable homes to area families.Homeownership is among the best ways to build lasting wealth and escape generational poverty. But in many areas in Dallas, the real estate market prevents longtime residents from affording homes in their own neighborhoods.
James Armstrong, president of Builders of Hope Community Development Corporation, says West Dallas has not seen construction of a new single-family housing development priced below market value for 15 years. But this fall, the organization will open 20 single-family homes priced between $195,000 and $225,000. The units were appraised around $390,000. Construction has already begun.The new homeowners’ deed will restrict them from selling for seven years.
With ongoing gentrification in the area, affordable housing developments like this ensure that new growth and opportunities also benefit existing residents. Builders of Hope led the effort to secure funding and guide the project to completion. As it is with almost every affordable housing effort, it was a complex task to organize financial support from different community partners, including banks, the city and the Department of Housing and Urban Development.Builders of Hope told us they encountered problems that prevented the project from opening in 2020 or 2021.
Dallas needs more housing at almost every price level. But building housing at sub-market rates is the most pressing need. Builders of Hope has shown the way in West Dallas to do the work. But they’ve also shown just how hard the work is to do.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Letters to the Editor — Three cheers for Dak Prescott, Dallas Tax Office, library exhibit1 Dak Prescott — Re: “Mark of the man — Above all else, exemplary character of Cowboys QB must be celebrated,” by Calvin Watkins, Feb. 11 SportsDay column. I...
Read more »
Dallas police officer arrested on suspicion of DWIAn off-duty Dallas police officer was arrested Saturday evening on suspicion of driving while intoxicated, police said. Senior Cpl. Allison Brockford, 45, was...
Read more »
Blue Jackets continue to roll with impressive road victory over Dallas StarsBlue Jackets' fourth line, Korpisalo pave the way to another impressive road victory since returning from their 'bye' week.
Read more »
Dallas Chamber Symphony Fine Tunes Strings in February ConcertThe concert on February 21 at Moody Performance Hall will feature works by Elgar, Vaughan Williams, and Reinecke.
Read more »