MIXED INCOME SUBDIVISION SUCCEEDS DESPITE RECESSION

In News by Karen Brooks-Crosby0 Comments

During the period 2000-2004 the Piedmont/Scyene Joint Venture and its managing partner, Dallas City Homes, funded approximately $1,000,000 in assistance to 92 first-time homebuyers in the new 191 lot Piedmont Hills subdivision.  Assistance was distributed based on household incomes ranging from $15,000 – $49,000 (80% or less of AMI).  A 2016 follow-up review indicates 54% of the original assisted homeowners still own, their foreclosure rate over the last 16 years was 18%, and today their homes have appreciated market values relative to the original purchase prices.  Remarkable, since their taxable home values declined by 41% during the recession.  Mixed income assisted housing works.

 

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