Congresswoman Eddie Bernice Johnson announced that the U.S. Department of Housing and Urban Development has awarded the City of Dallas $8,492,000 in the form of a Section 108 loan guarantee. The Section 108 Loan Guarantee Program is a source of financing allotted for the economic development, housing rehabilitation, public facilities rehab, construction or installation for the benefit of low- to moderate-income persons, or to aid in the prevention of deteriorated living conditions.
“This project will bring a welcomed infusion of jobs and money to the district, all while providing low- and middle-income residents with affordable housing and services. This will help add value to our community and create jobs at a time when they are needed most,” Congresswoman Johnson stated.
The funds will be loaned out to the City Wide Community Development Corporation, which will go toward the development of the Lancaster Corridor to bring an entirely new 226,000-square-foot, four-story, mixed-use commercial and residential development to our district. According to the terms of the loan agreement, this development, known as the Lancaster Urban Village, will contain retail, restaurant, and small office space, as well as hundreds of new residences which will be occupied by at least 51% percent low- and moderate-income individuals.
