Buffalo, Bobcats launch affordable housing project in East Dallas

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Mo the Buffalo, the face of PlainsCapital Bank, attended the ground breaking event.

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Korri Kezar

Staff Writer- Dallas Business Journal

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A real buffalo and a couple of Bobcat front-end loaders celebrated the ground breaking of a 28-residence affordable housing project in East Dallas' Jubilee neighborhood.

Mo the Buffalo, mascot for PlainsCapital Bank, was a guest of honor at the event kicking off a partnership between the bank, Jubilee Park & Community Center and the city of Dallas' Housing/Community Services Department. Together, the organizations are funding and constructing three bedroom/two bedroom homes for low-income families making less than $67,500 annually.

"I learned the story about Jubilee Park and the bank wanted to be committed to this project," said Jerry Schaffner, PlainsCapital's president and CEO. "It's an honor for PlainsCapital Bank to be a part of this.

PlainsCapital and the city are providing money to build the homes, which cost around $125,000 each. Plains will also help secure mortgages of $70,000 to $85,000, based on buyers' income. Buyers for the homes already have been secured.

Trammel Crow and Earth Day Texas also provided money to build each home with silver LEED certification.

Construction of the project's first three homes started in August, with all work expected to be done in the fourth quarter of 2016. East Dallas Community Organization is managing the building process.

"We're excited to see the sticks going up and have all the families buying these homes in place," EDCO President Gerald Carlton said.

Korri covers banking, finance and nonprofits for the Dallas Business Journal. Subscribe to our email newsletters.