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?