News Article

News Article

11/17/2014

Jubilee Park, PlainsCapital Bank and City of Dallas Host Construction Celebration to Commemorate Affordable Housing Initiative in Southeast Dallas

In a joint partnership, Jubilee Park & Community Center, PlainsCapital Bank and City of Dallas Housing/Community Services Department launched a large-scale, four-phase affordable housing initiative that will result in 28 residences for low-income families in southeast Dallas over the next three years. On Thursday, November 13, a construction celebration was held to commemorate this partnership and future homeownership for the families who will reside in these new homes. This event was held in Jubilee Park where the first six homes are being built.

 

Representatives from Jubilee Park & Community Center, PlainsCapital Bank and City of Dallas, the families who will take ownership of these new homes, and Dallas Mayor Mike Rawlings attended the groundbreaking event. PlainsCapital Bank’s live mascot, Mo the Buffalo even made an appearance. At the close of the event, PlainsCapital Bank North Dallas President Doug Cook and Jubilee Park & Community Center Board Chairman Bill Addy competed in a Bobcat front-end loader race.

 

“The primary goal of the affordable housing project is to provide homeownership opportunities for low-income families who would otherwise not have the means to become homeowners,” said Jubilee Park & Community Center Chief Executive Officer Ben Leal. “Through this partnership with City of Dallas and PlainsCapital Bank, we have a unique opportunity to be a part of making the American dream of homeownership a reality for these families in our community.”

 

The cost of each new home is approximately $125,000. Both Jubilee Park and City of Dallas will contribute a combined $50,000 toward the total cost of each home.

 

Homebuyers will secure a mortgage of $70,000 to $85,000, based on their income. “Buyer Assistance” funds of $20,000 may be available from the U.S. Department of Housing and Urban Development (HUD). Builder construction loans for phases II through IV will be provided by PlainsCapital Bank.

 

Homebuyers must meet the income limits set by City of Dallas which stipulate they have an annual income of 140 percent or less of the current HUD Metro Fair Market Rent Area estimate of the median family income for Dallas ($67,500). Homebuyers will also have the opportunity to participate in pre- and post-homebuyer education classes that will be provided by the East Dallas Community Organization.

 

The single-family homes are approximately 1,300 square feet with three bedrooms, two bathrooms and a two-car garage. Energy efficient appliances will be included in the purchase price. Homebuyers have five home models to choose from. All homes will be LEED silver certified.

 

Construction for the first six homes broke ground in September and are slated for completion in early 2015. Construction for the final phase of this project will begin in late 2015, with completion in the fourth quarter of 2016. 

 

East Dallas Community Organization is managing the construction, identifying and qualifying homebuyers, hiring building contractors, managing the purchase of lots and providing necessary paperwork associated with an affordable housing transaction to city, state and federal governing bodies and the designated title company. Woodmere Properties, who has built numerous affordable housing projects in Dallas, was selected as the home builder. 

 

 

 

 

 

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