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City of Dallas, Savoy Equity Building 310-Unit Mixed-Income Project
Savoy Equity and the City of Dallas are joining forces to deliver a multifamily community made up of affordable units. Power & Light Cedars will be a five-story building with 310 units that will go up at 2220 Ervay St.
Of those 310 units, 40% will be reserved for households earning less than 80% of the area median income and 10% will be for those making less than 60%. Dallas Public Facility Corp. (DPFC) entered into a lease with Savoy for the development. The Agency approved an economic development grant of $1,854,995 to help fix a sewer line.
The project is estimated to cost roughly $83.5 million.
The DPFC seeks to develop and preserve mixed-income workforce housing communities to serve residents earning at or below 80% of the area median income (AMI) as well as provide non-income restricted units. The DPFC seeks to partner with qualified organizations to acquire, renovate, or build mixed-income housing developments.
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