The Dallas City Council has approved the creation of a new Housing Opportunity Fund. The Council approved a $6 million economic development grant to start the fund. The city will work with a subsidiary of the Local Initiatives Support Corporation, a non-profit group.
LISC will lead the fund in partnership with The Real Estate Council Community Investors, based in Dallas.
The fund will help finance the development of housing opportunities for low-and-moderate income families with a focus on some of the city's historic neighborhoods.
"This is going to help keep a lot of people in their homes in historic neighborhoods. This is going to help preserve history and culture of our city," said Council Member Adam Bazaldua. "I think this is kind of putting our money where our mouth is, and I think we need to see more of that."
City officials say market-driven real estate development is not providing enough housing options.
Council Member Carolyn King Arnold said the fund will be devoted to affordable housing that have historically not received enough investment from the city.
"We have beautiful parks and beautiful shiny resources, but we have allowed our constituents who pay taxes to live in rural conditions," she said.
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