Yesterday after two hours of discussion and briefing, the Dallas City Council voted 13-1, with one member absent, to endorse our application to the Texas Department of Housing and Community Affairs (TDHCA) for low-income, housing tax credits .
In addition, the Council approved funding totaling $1,750,000.
One million dollars would come from the recently approved bond funds voted for the Homeless Assistance Center last November, part of which was to be set aside for permanent housing.
The remaining three-quarters of a million dollars would be a forgivable loan from the housing acquisition funds supplied by Community Development Block Grant revenue.
To state the obvious, we were ecstatic about the results!
That said, we still have a long way to go on the project.
Next must come approval of our project from TDHCA. If granted, we anticipate receiving between $11-12 million in tax credit revenue that would make the project fiscally possible.
Working on this effort has been incredibly fascinating and, at times, very, very frustrating.
But, talk about an education and a steep learning curve!
Our chief opposition came from a church group. Or, more accurately, a private Christian school located inside a downtown church building.
The opposition was very civil and courteous, but firm. We are committed to working with the group to see that our project is a true asset to everyone downtown, including all of their students. We look forward to the day when their choral groups perform in our theater in the building!
To read a report in today's Dallas Morning News, go to:
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Larry James' Urban Daily
A repository of ideas, resources, commentary and opinions concerning the issues facing low-income residents of the inner cities of the United States and how mainstream America largely forgets or, worse, ignores the day-to-day realities of urban life for the so-called "poor." Written and edited by the President & CEO of CitySquare. Please visit CitySquare.
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