Since last year, Dallas has approved the creation of 11 new apartment complexes through a state law that allows a 100% property tax break for developers in...
In the name of affordable housing, the city since 2022 has approved about a dozen new apartment complexes for people who make up to 80% of the area median income.
“This is definitely not a free ride and it’s one of our most powerful tools that we have to actually bring in a critical mass of workforce and mixed income housing,” Kyle Hines, an assistant director in Dallas’ housing and neighborhood revitalization department, told City Council members during an April 2022 meeting.
Dallas’ group has a 15-member board appointed by the mayor and 14 city council district representatives to review project proposals brought by developers and decide which ones move forward. The board includes a former acting city mayor, as well as other representatives who work in the real estate industry.
The deal calls for 88, 1- and 2-bedroom market rate units to cost $1,550 and $2,000 a month, 79 of those units costing $1,461 and $1,754 a month, and another 9 units for people making up to 60% of the AMI costing $1,095 and $1,315 a month. “The bare minimum we have seen investors willing to execute a lease with the public facility corporation throughout the entire state since 2015...has been 75 years,” Hines said in April.
“We cannot have a law of unintended consequences basically take over and overwhelm what was supposed to be a good thing,” Bettencourt said.found the average tax break for developers was about $1 million a year per property and that some exemptions were for up to 99 years.
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