Savoy Equity and the City of Dallas have joined forces to create a new multifamily community that will offer affordable housing options. The five-story building, known as Power & Light Cedars, will be located at 2220 Ervay St and feature 310 units.
Out of these units, 40% will be reserved for households with incomes below 80% of the area median income, while another 10% will cater to those earning less than 60%. The development is being undertaken by Savoy through a lease agreement with Dallas Public Facility Corp. (DPFC). To support this project, an economic development grant worth $1,854,995 has been approved by the Agency for fixing a sewer line.
The estimated cost for this project is around $83.5 million. DPFC’s goal is to provide mixed-income workforce housing communities that serve residents earning at or below 80% AMI and also include non-income restricted units. In order to achieve this objective effectively,the DPFC seeks partnerships with qualified organizations who can acquire,rehabilitate or construct mixed-income housing developments in collaboration with them.
