DEEP ELLUM DALLAS SERVICE CENTER Public Policy HOUSING CONSIDERATIONS Deep Ellum has historically been home to many artists, musicians and small business owners who enjoy the low cost of living in the area while having close proximity to the heart of Deep Ellum and Downtown Dallas. As the housing inventory increases from the current 5,800 residents to full build out, it is important that housing options are not only targeted to the highest end of the market but also meet the demand to allow those who have historically lived in the neighborhood to remain. The redevelopment of the Central Service Center is uniquely situated to meet that demand as the City of Dallas has a number of options to incentivize and help provide a wide range of pricing options. Deep Ellum Foundation Housing Goals The Deep Ellum Foundation has created a number of Strategic Goals that should guide the City of Dallas in their implementation of housing options: •
The Deep Ellum Foundation desires to ensure that new housing options being provided do not only supply the higher end of the market but also provide options for those long term artist, musicians and workers who have called Deep Ellum home for years.
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The Foundation’s plans to measure success by tracking the ratio of housing units available in Deep Ellum by different income brackets.
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The income brackets recommended to track were 60%, 80% and 100% Average Median Income. Residents also mentioned 40% AMI. We selected 60% as the baseline for this investigation.
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We recommend tracking the 120% AMI level which opens up housing options for many of the work force employees in the area.
Rent Levels per Income Bracket The chart below shows the income limits for the different % AMI brackets along with their monthly rent burden at 30% allocation of income to housing cost. This is updated annually by HUD. Percentage of Average Median Income* Unit Type*** Efficiency
1BR
2BR
3 BR
60% Income Level Rent Level Income Level Rent Level Income Level Rent Level Income Level Rent Level
* Dallas AMI based on a family of four (4) - $83,100 ** Rent levels based on 30% of income level *** 1.5 persons per bedroom / 1 person per efficiency 16
Urban Land Institute Dallas/Fort Worth
80%
100%
120%
$34,920
$46,550
$58,170
$69,804
$873
$1,164
$1,454
$1,745
$37,410
$49,875
$62,325
$74,790
$935
$1,247
$1,558
$1,870
$44,880
$59,850
$74,790
$89,748
$1,122
$1,496
$1,870
$2,244
$51,870
$69,175
$86,424
$103,709
$1,297
$1,729
$2,161
$2,593
