MIXED INCOME SUBDIVISION SUCCEEDS DESPITE RECESSION

During the period 2000-2004 the Piedmont/Scyene Joint Venture and its managing partner, Dallas City Homes, funded approximately $1,000,000 in assistance to 92 first-time homebuyers in the new 191 lot Piedmont Hills subdivision. Assistance was distributed based on household incomes ranging from $15,000 - $49,000 (80% or less of AMI). A 2016 follow-up review indicates 54% of the original assisted homeowners still own, their foreclosure rate over the last 16 years was 18%, and today their homes have appreciated market values relative to the original purchase prices. Remarkable, since their taxable home values declined by 41% during the recession. Mixed income assisted housing works.