Kiva East will offer 71 of its units at affordable prices to households making between 30% and 60% of the area’s median income.
A new mixed-income housing community has broken ground on 87 units of affordable housing in Old East Dallas that also will serve as a home to a new preschool created by Amazon founder Jeff Bezos.
Kiva East, the development by Saigebrook Development and O-SDA Industries at 4724 and 4806 East Side Ave., will offer 71 of its apartments at affordable prices through a tax credit financing partnership with the Texas Department of Housing and Community Affairs. To qualify, new residents’ households would have to make between 30% and 60% of the area’s median household income. The median household income in Old East Dallas is $64,339,“We are proud of the unique community that we are creating with Kiva East,” said Lisa Stephens, owner and president of Saigebrook Development. “The development exemplifies the ideal high-quality mixed-income housing community.”, a tuition-free, Montessori-inspired pre-school.
Bezos Academy signed a 10-year lease agreement with Kiva East and the Bezos Foundation will pay to build out the school’s interior. Bezos Academy signed a separate 10-year lease with Dallas-based Forefront Living to also put a school at Presbyterian Village North, 8600 Skyline Drive.The development is getting $2.48 million boost from the U.S. Department of Housing and Urban Development. It also received a loan from the Dallas Housing Opportunity Fund, which invests in creating and preserving affordable housing.
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