LIIF recently provided $4.2 million to Petra Development for a mixed-use project which will include 235 housing units and retail in Dallas. The project will serve families earning 60 to 80% area median income & offer greater job access via its proximity to the Texas Central high-speed rail, connecting Houston to the Dallas/Fort Worth-area.
Dallas, like many other American cities, has a long history of discriminatory housing policies, such as redlining, which for decades separated communities of color from assets like quality schools and employment opportunities and drove down home values. A 2018 city report revealed that Dallas has a current shortage of about 20,000 affordable homes. The high-speed rail provides historically neglected communities with better access to transportation, and this project will connect more affordable homes to vital community amenities.