Wednesday, July 12, 2006
Tax Credits and Testimony--City Walk @ Akard
Today John Greenan, Executive Director of the Central Dallas Community Development Corporation and I will be in Austin to testify before the meeting of the Governing Board of the Texas Department of Housing and Community Affairs.
We have submitted an application to receive a $12 million allocation of low income, housing tax credits from the State of Texas to be used in underwriting a substantial portion of the cost of our renovation and development of downtown affordable housing in our City Walk @ Akard project here in Dallas.
Accompanying us will be Mike Rawlings, appointed the "homeless czar" for the City of Dallas by Mayor Laura Miller.
We will read letters of support into the meeting record from Dallas County Commissioner John Wiley Price and Ann Lott, President and CEO for the Dallas Housing Authority.
The level of community support for our project has been gratifying and growing.
We plan to develop 200 high-quality, affordable apartments for low-income, working people in the 15-story building that has been vacant for almost 15 years.
Fifty of these units will be reserved for formerly homeless persons. Nine of the units will be offered at market rate. We also plan for some light retail on the ground floor and approximately 35-40 Central Dallas Ministries' staff members will office in the building daily.
The building also contains a 300-seat auditorium that we will restore for use by arts, music, dance and theater groups, as well as faith communities and groups who reside in the building.
We are optimistic about our chances to receive the tax credit allocation.
The final decision will be handed down on Friday, July 28, 2006. We will be back at the Capitol on that important day as well.
If you think of it along the way, remember us today.
Dallas really needs this development.