Bounded by Interstate 30 and the Trinity River, West Dallas was historically dominated by industrial buildings and a concentration of public housing. When redevelopment occurs, the neighborhood’s longstanding residents do not always share in the benefits.
Builders of Hope Chief Executive Officer James Armstrong told President Logan he aims to fill the missing middle, a term used to describe clustered homes priced below market rate but above traditional low-income housing.
Research from the Dallas Fed early in 2023 shows that inflation disproportionately hurts low-income people, and particularly those who rent. Builders of Hope intends to help people buy their homes. The Dallas-certified community housing development organization partnered with Greenleaf Ventures to build a complex of 20 single-family homes priced around $200,000 each for families making 80 percent or less of the area median income of roughly $58,000, according to the U.S. Census Bureau. Private banks and the City of Dallas also provided funding alongside federal government dollars.
As part of the deal, buyers will immediately receive equity upon purchase and access to a neighborhood empowerment center, which will provide financial services, credit counseling and potentially even workforce training. While the development is still in the works, this project hopes to make homeownership accessible, in addition to building upon the existing sense of community by providing valuable resources to its residents.