house-puzzle-300x300Thanks to special funding from the Department of Urban Housing and Development, the City of Dallas will soon receive more than $11 million for a much-needed rehab project.

The HUD’s Section 108 Loan Guarantee Program, which funds rehabilitation projects for housing and public facilities, will provide the City with $11,750,000 to finance the improvement of Atmos Lofts, a mixed-use, mixed income residential development in the Dallas central business district. This rehab project will be completed through a joint effort between the City of Dallas and the Hamilton Atmos Limited Partnership. Congresswoman Eddie Bernice Johnson applauded the HUD grant in a recent statement.

“Through the Section 108 Program, we will continue our efforts to effectively expand access to affordable housing in the Dallas area,” said Johnson.

As part of the project, the Partnership plans to convert three vacant office buildings into 123 rental housing units. On the ground level, the project will convert 9,500 square feet of space into retail and parking facilities.

City of Dallas Mayor Mike Rawlings extended thanks to the HUD’s contribution, noting that the new development will positively impact the citizens of Dallas as well as those in need of affordable housing.

“We want to thank the Department of Housing & Urban Development for understanding the vision and needs we have for our Downtown area,” said Rawlings. “The Atmos project is a $30 million dollar investment which simply would not have been possible without HUD leveraging funds with the City of Dallas. We are excited to be able to provide the citizens of Dallas with new housing and retail opportunities in the Downtown Area. And, we are especially pleased to be able to repurpose the former Lone Star Gas building at 301 S. Harwood which had been vacant for a number of years.”

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Repurposing vacant real estate has become a bigger concern for Dallas, as well as other major U.S. metros, in the years following the financial meltdown. From converting closed schools into affordable senior housing in the Midwest??to repurposing abandoned offices into urban housing in the Northeast, the efforts of several cities nationwide seem to be paying off. But as with any rehabilitation project, the rewards don’t happen overnight. It will take time for the projects to be completed and even after their completion, it will take more time to get the gears in motion, allowing a broader economic impact on the rest of the city.

To stay up-to-date on other real estate projects in Texas, be sure to check here back often. We always try to share the latest real estate and mortgage related issues with our readers, to help everyone stay informed – from investors to first time buyers. For more information on Texas mortgages or to get today’s low rates, contact The Decker Group at (972) 591-3097.