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.
Remember us!
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:
http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/
stories/032906dnmettower.6d9c555b.html
When I get weary, I always find my heart moving toward that classic old Hebrew passage found in Isaiah the prophet at the 58th division, verse 12:
"Your people will rebuild the ancient ruins and will raise up age-old foundations; you will be called Repairer of Broken Walls, Restorer of Streets with Dwellings."
Let me say it again. Remember us.
Larry-
ReplyDeleteThis is great news! I will continue to keep you in my prayers as you hammer out all the details in the coming weeks. Thanks for all you do.
Chris
P.S. It's Texas Tech for me and Stacey in the fall!
Yes, that is great news. I will pray that God will continue to bless your efforts. This is a great inspiration to me, and I am sure it is to others, as well.
ReplyDeletePraise God!! Larry, God has serious plans to make HIMSELF known through this emerging development!!
ReplyDeleteLarry,
ReplyDeleteThe Christians at Richardson East remain prayerful for CDM and this project. We look forward to spending some time with you in April.
js
Praise Him from who all blessings flow!
ReplyDeleteLet's do the same for Houston!
jim
www.romans515.com
Praise God. Larry thank you for being an instrument of God's grace to this community.
ReplyDeleteThat is great to hear! What a wonderful plan.
ReplyDeleteOwldog, I have found, sadly, that the fiercest opposition comes from those who claim to be closest to God, especially those who maintain the highest view of the Bible. The irony is amazing. I just try to keep moving knowing that the same spirit killed Jesus and that that turned out fairly okay!
ReplyDeleteWow! Praise the Lord!!! Congratulations!!
ReplyDeleteGreater than the tread of mighty armies is an idea whose time has come. -- Victor Hugo
ReplyDeleteCONGRATULATIONS! All God's blessings to everyone involved in the resurrection of 511 Akard! We'll continue to hold you in our prayers.