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Council approves Dallas HFC purchase of Deep Ellum Oak & Ellum; critics say tax abatement is too generous
Summary
The City Council authorized the Dallas Housing Finance Corporation to acquire the Oak & Ellum multifamily property in Deep Ellum and approved a long tax abatement. Supporters said the purchase adds affordable units quickly; opponents said the abatement removes millions from the tax rolls and favored different AMI levels.
The Dallas City Council voted to authorize the Dallas Housing Finance Corporation (DHFC) to acquire Oak & Ellum, an existing market‑rate multifamily property at 2627 Live Oak Street, and to provide the related long‑term tax abatement structure proposed by DHFC. DHFC and staff said converting existing market units into income‑restricted units will create affordable housing faster and at a lower cost per unit than new construction.
City staff and DHFC leaders described the financing and public‑benefit analysis used to underwrite the transaction. Housing staff said the acquisition would convert the property’s existing units to a mix of incomes; the project includes a tier of units targeted to 140% AMI for a portion of units, with others at lower AMI bands. Erin…
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