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Dallas City Council
09/13/23 | 232-Unit PFC Multifamily
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District: 1
232-Unit PFC Multifamily | Approved
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DISTRICT: 1
Bishop 8th
Bishop Arts District | 2.7 Acres | 232 Units | Approved
The proposed Bishop 8th development became a flashpoint for debate around income levels served, with Council Member Cara Mendelsohn citing the influential Child Poverty Action Lab report to question whether the project reaches Dallas's greatest needs. Mendelsohn focused on the estimated forgone taxes. Her position was that 15-year period is insufficient for a 75-year deal.
She went on to argue that Bishop 8th's 24 units at 60% AMI and 94 units at 80% AMI fail to address the real gaps documented in the CPAL report.
"What we see in the Child Poverty Action Lab is that we actually have a surplus at the 60% level of units and a surplus at the 80% level. What we're missing is at 30% and under and 50% and under.
Mendelsohn pushed for the deal to be reworked to include more 30% and 50% AMI units.
However, other Council Members like Gay Donnell Willis defended the income levels. Council Member Jaynie Schultz cited the Child Poverty Action Lab report:
"We will only be meeting 48% of the need for the 60% AMI when we get to 2030. So there is a projected huge need for more in this category in the next several years.
She cited page 99.
Overall, the project passed 14-1 after the mixed feedback, indicating general council support despite concerns raised by some Council Members.
06/27/23 DPFC Meeting Summary
The Bishop 8th project received positive feedback from the DPFC Board. The developer is Breunig Ventures (BV Acquisitions LLC). Key points presented:
The project will develop a 232-unit multifamily community one block off Bishop Ave in the Bishop Arts district.
It will replace 60 demolished homes with 116 new income-restricted units.
The project cost is $58 million, funded through equity and a loan.
It will provide a mix of market rate and affordable units, with 40% at 80% AMI and 10% at 60% AMI.
The 2.7 acre site allows for amenities like a sky lounge, fitness center, and private garages.
The project was praised by Director Toledo for bringing affordable housing to the rapidly growing Bishop Arts area. Director Montgomery highlighted that the project will generate over 10 times more revenue for the city than the current property taxes. The DPFC Board unanimously approved the project.
We answer:
Who else is developing PFC projects? What kind of pushback are they getting from the DPFC board? From the neighborhood? Where are they in the process?
Link to bookmark: http://www.dal.ultraground.com/p/pfc-pipeline
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