DALLAS (WBAP/KLIF News ) – The Mill City neighborhood in South Dallas is in the midst of redevelopment.
The “Good Urban Development” project is bringing 50 single-family homes to the area. The group, which is a joint venture between nonprofit Urban Specialists and renowned developer Matthews Southwest, broke ground on Monday.
It’s an answer to a problem in Dallas as it deals with a shortage of real estate options for a significant portion of those who work in the area.
“Good Urban Development” said the project comes in the wake of the Community Bond Task Force’s recommendation that $100 be allocated to affordable housing when a minimum of $200 million is needed.
Shannon Key, is a project manager, and said the city is about 33,000 units short of affordable homes and this development will help change that.
“They’re looking for affordable housing and looking to be able live within in the city where they work rather than having to live on the outskirts and having to travel back and forth,” she said.
The project will provide traditional two-story homes for families with annual incomes beginning at 60% Area Median Income.
“We have a market value priced from $249,000 to $311,000. We also have a $40,000 buydown thanks to the subsidies provided by Dallas County,” said Key.
The project is expected to be completed by 2025.
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