Wednesday, June 4, 2008

Housing Subsidy Downtown To Be Voted On

The City of Dallas wants to subsidize downtown mortgages. They say the reasoning is to create more affordable housing in downtown Dallas, so the City Council's housing committee voted to unanimously back a plan to subsidize downtown dwellers' mortgage payments. The new program, which would replace an existing downtown homeowner loan program which not a single resident has used, would provide up to $100,000 in public assistance to low- to moderate-income home buyers seeking to purchase downtown condominiums valued at $200,000 or less ( in this case, 1/2 of the purchase price could be subsidized). This was told to the council members by city housing director Jerry Killingsworth, and he said that home buyers using the program would face certain deed restrictions and liens to ensure its future affordability. There will be a formal vote of the full council on Aug. 13, Mr. Killingsworth said. The program does not apply to apartment renters.

I am sure that some of the home owners north, south, east or west of downtown would like such a good deal. Maybe even affording such a program to the fire department,police department and city worker would make more sense than using the funds to help more people live downtown. And when did $200,000.00 become low -to-moderate housing?

Is the City of Dallas facing a 50 million dollar budget shortfall?

1 comment:

Marian Hubbard Jefferson, MA said...

I wonder if these are the same kinds of liens that are being offered to the residents of Jubilee Park, many of whom are elderly and recently convinced that it is best to have their older homes torn down in favor of new ones which would be paid for by the City's Home Replacement Program. In my conversation with one of those residents, she merely wanted improvements but was told that her home would have to be torn down and rebuilt while she and her family lived in temporary housing. She complained that she would not be able to afford central heat and air (something she does not have now) and that though she currently owns her property there would be a 15 year lien on her home. If she passed before the end of the lien the City would get the property. There are many such deals of this nature that have happened where the City is the beneficiary to property.

The south and east Dallas corridors have been penetrated and our citizens are in real danger of losing their homes because too many of us for too long have been asleep at the wheel. August 13 should be packed with people from our community and with one voice we need to let the Council know that what they are doing is wrong-headed and that we want a say in their leadership replacement of Ann Lot.