A luxury North Dallas apartment complex may soon have a big rent decrease. It’s happening at The Briscoe on Coit Road near LBJ freeway because the city is buying the complex to provide affordable workforce housing.
Most rent at The Briscoe should drop sharply after Wednesday’s action by the Dallas City Council. At least half the units will have reduced rent for people with limited income.
In the first 15 years of the deal, the City of Dallas will lose at least $9 million in property tax revenue that it would have received if the complex remained in private ownership.“I don’t know how you think we’re going to make our budget. I don’t know how you think we’re going to pay for police, all the different services that we want to do. But we are taking income-producing items off our tax rolls,” she said.
Hines also said DHFC ownership of the complex would require acceptance of housing vouchers that are issued to low-income tenants for the payment of rent. A recent study showed most private landlords in Dallas refuse to accept vouchers.“We’ll have an increased value or increased amount of money we can do something within the amount of $51 million in 15 years,” Councilman Chad West said.
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