Affordable housing planned for North Oak Cliff

A 215-unit apartment complex slotted for a vacant lot next to Interstate 35 will be among the first projects developed under a new subsidy from the City of Dallas designed to promote more affordable housing.

Driving the news: Dallas City Council approved a deal to develop Oakhouse at Colorado, one of the city’s first projects as a Public Facility Corporation. The complex is planned for the intersection of Colorado and Jefferson boulevards in North Oak Cliff, according to the Advocate.

The big picture: Dallas has long struggled with how and where to build affordable housing. Half of the units in this future $48 million apartment complex will be earmarked for renters who make less than 80% of the area median income, which is $48,000.

How it works: The city’s PFC will own the land and buildings, then lease it back to the developer, Mintwood Real Estate, which will pay no property taxes on the complex for 75 years. Half of the units will go to these middle-income renters. City leaders have called them "the lost middle." The other half will rent at market rates.

By the numbers: The median rent for a one-bedroom apartment in Dallas reached $1,490, and for a two-bedroom unit it’s $2,000, according to the Dallas Morning News.

• 20 studio apartments at Oakhouse will rent for $1,113.

• 68 one-bedroom apartments will rent for $1,279.
• 13 two-bedroom apartments will rent for $1,410.

Details: The apartments will feature quartz countertops, in-unit washers and dryers, a resort-style pool, a fitness center, a dog park and a coffee bar.

What they’re saying: “This would’ve probably ended up being a multifamily market-rate project with no affordability,” Mayor Pro Tem Chad West said during the Council meeting, per the Advocate.

The irony: Because of the proposed building’s location near older South Dallas neighborhoods, the luxury apartments could lead to property-value hikes that force out some longtime area residents.