Galleria condos in works

20-story tower to have 126 units; sales to begin in May

11:33 PM CST on Friday, March 25, 2005

By STEVE BROWN / The Dallas Morning News

Developers have bought the land for a high-rise condominium just north of the Galleria in Far North Dallas.

Mockingbird Group of Cos. plans to build a Mediterranean-style tower in the Galleria North complex at the northwest corner of Alpha and Noel roads.

A shopping center and two office towers have already been built in the project.

The 20-story Galleria North Condominium Tower will have 126 units ranging from an 850-square-foot condo to a 3,500-square-foot penthouse, according to the developer.

Spokeswoman Jeanette Moore said Friday that the company hasn't set prices for the units or a groundbreaking date.

Mockingbird Group filed a building permit for the property at 13733 Noel Road, according to M/PF Yieldstar Inc.

"If you think about it, the Galleria is the only true urban setting that can offer the lifestyle that so many people seek, with all of its restaurants, shopping and an office within the complex," Mitchell Vexler, president of Mockingbird Group, said in news release.

Mockingbird Group is the second developer to announce plans for a residential high-rise north of LBJ Freeway in Dallas.

Last month, Silver Tree Partners said it plans to build a condo tower on Arapaho Road overlooking the Prestonwood Country Club.

And while most of the high-rise residential construction is in the central city, developers have built several projects in the northern suburbs.

Most recently, Palladium USA Group built its 16-story Verona apartment tower on Noel Road across from the Galleria.

The Galleria North Condominium Tower will also have a swimming pool, spa, Zen garden and dog park, the company said.

Sales are set to begin in May.

Public housing coming to Far N. Dallas

Legal battle over site in Far N. Dallas delayed development for 9 years

By KIM HORNER / The Dallas Morning News

The Dallas Housing Authority plans to move ahead with fiercely contested plans for public housing in Far North Dallas that have been delayed for nine years because of a lawsuit by homeowners who live near the proposed location.

The 5th U.S. Circuit Court of Appeals in New Orleans recently upheld a lower court ruling that approved the site at the southeast corner of Hillcrest Road and the Bush Turnpike in Collin County. Dallas housing officials said the decision allows the agency to start the project.

The local housing agency plans to file permits to start construction next week, said Ann Lott, Dallas Housing Authority president and CEO. She said she hopes that 40 of the 7,913 families the agency's waiting list for public housing could move in by summer 2006.

"I think this is going to give them a tremendous opportunity to move into areas that previously they haven't had access to," Ms. Lott said. "It's going to be a wonderful place for families to live."

Michael Lynn – lawyer for homeowners in the Preston Highland and Highlands of McKamy neighborhoods – said homeowners could appeal the ruling. He disputed whether the appeals court decision means that the housing authority can start the process to build the housing. He said housing officials have not told him of the plans to start construction soon.

"They haven't said anything like that to me, and I will have to deal with it when I see the facts," Mr. Lynn said.

The housing authority bought the land in 1996 to fulfill a landmark court order to desegregate public housing.

A year earlier, U.S. District Judge Jerry Buchmeyer had ordered the housing agency to provide homes for 3,205 families in predominantly white areas of Dallas and its suburbs – 474 of them new homes.

Homeowners who lived close to the proposed sites sued to stop the construction, but Judge Buchmeyer ruled against them in 1997. The 5th Circuit struck down Judge Buchmeyer's order in 1999, ruling that race cannot be used as a factor in choosing sites. The U.S. Supreme Court refused to hear an appeal of that decision in January 2000.

The housing authority reached a final settlement in that case in December.

The 40 town houses affected by the 5th Circuit's ruling last week are the last project needed to carry out Judge Buchmeyer's 1995 desegregation order.

Homeowners in the Hillcrest Road-area neighborhood had sought to stop the construction of the 40 town houses, arguing that the housing agency violated federal law by choosing the land because the Hillcrest Road-area neighborhood is predominantly white. The housing authority countered that the selection of the site was not based on race but met other criteria, such as a low concentration of poverty.

The decision by the 5th Circuit on the Hillcrest Road property means that 40 families will have the opportunity to live in a "good, safe" neighborhood with access to job and transportation, said Mike Daniel, a Dallas lawyer and longtime advocate for public housing residents.

An expert in housing discrimination and segregation law said the latest decision would be watched closely in other parts of the country that face ongoing desegregation lawsuits.

"What's important about this decision is this housing will get built, and there will be some racial and economic integration ... and people's lives are going to be improved," said Florence Roisman, a law professor at Indiana University School of Law in Indianapolis. Ms. Lott said the new town houses would blend in well with the surrounding neighborhood. Residents, who will be required to participate in a program to reach self-sufficiency, will pay a portion of their incomes in rent.

Through the years, the housing authority resisted several offers to buy the property and a proposed settlement with homeowners to abandon the project. Ms. Lott said her agency believed the land would be too valuable for the poor families who will live there.

"There was just no good reason to sell the property. It just wouldn't have been in the best interest of the 7,000 or so families who are waiting for public housing at any given time," Ms. Lott said. "To sell it would be to give up."

Home Sweet Tax-Advantaged Home: Texas CPAs Point Out Valuable Tax Breaks for Homeowners

3/3/2005 11:26:00 AM

DALLAS, March 3 /U.S. Newswire/ -- Dreams of painting the walls, landscaping the yard, building equity and paying relatively low interest enticed many Texans to shop for homes in 2004. According to the National Association of REALTORS(r), more than 697,000 single-family homes, apartment condos and co-ops were purchased in the Lone Star State last year alone, a 10.6 percent increase over the previous year.

New homeowners and those who’ve owned the roof over their heads for years qualify for several tax breaks when it comes to filing their income tax return, say members of the Texas Society of Certified Public Accountants.

WHEN YOU BUY YOUR HOME

When you buy a home, you incur costs that may qualify as tax deductions. For example, points you pay on a mortgage to buy, build or improve your personal residence are fully deductible the year you pay them. Points are deductible, even if the seller paid some or all of the points, if they are subtracted from the purchase price on computing its basis. However, in order to deduct points and other qualified expenses, you need to itemize your deductions.

WHILE YOU OWN YOUR HOME

The biggest tax break associated with owning a home is the ability to deduct the interest you pay on the mortgage for your principal residence (and second home). This amount is generally shown on Form 1098, received annually from your lender. Late payment charges —- which are additional interest -— are also deductible.

Real estate property taxes are also deductible. New homeowners should be sure to deduct any pro-rated taxes collected at closing. These items are not always included on Form 1098, but should be itemized on your real estate closing statement (HUD-1). If you refinance your mortgage, you may be able to write off the points paid for the new loan. However, points paid for refinancing must be deducted ratable over the life of the loan, rather than as a lump sum in the year they were paid.

There are two exceptions to this rule. First, homeowners who refinance more than once may deduct all remaining undeducted points on the prior refinanced loan in the year of the current refinancing. Second, the portion of the points allocable to the proceeds of a refinancing used for improvements may be deducted in the year paid.

If you borrow money against the value of your home in the form of a home equity loan, you can deduct interest paid on amounts up to $100,000 of indebtedness.

What if your home is damaged or destroyed? If a sudden, unexpected event such as a fire, storm, vandalism, or theft results in a loss to your property, the portion of the loss that is not covered by insurance is deductible. You must reduce the amount of the loss by $100 and 10 percent of your adjusted gross income before deducting it.

WHEN YOU SELL YOUR HOME

When you sell your principal home for a profit, you won’t be taxed or even required to report the sale of your home unless your gain is more than $500,000 for married taxpayers filing jointly or $250,000 for single filers. To qualify, you must have owned and used your home as your principal residence for at least two of the five years immediately preceding the date of the sale. Generally, you can claim this exclusion only once in any two-year period. Another bonus: To qualify for the tax benefit, you don’t have to buy another home with the sale proceeds.

Homeowners who must sell their principal home before meeting the ownership and residency requirements may be eligible for a partial exclusion if the sale was necessitated by a change in employment, health or unforeseen circumstances.

WHAT’S NOT DEDUCTIBLE

While there are many homeowners’ tax breaks, there are some expenses you must bear on your own. These include general closing costs and commissions paid to mortgage brokers and real estate agents as well as the cost of homeowners’ insurance or private mortgage insurance to buy, build or improve your personal residence. Also not deductible are homeowner association and co-op dues and local assessments that increase the value of your neighborhood, such as new sidewalks.

Keep in mind, too, that the amount of your adjusted gross income can affect your ability to claim certain deductions. Your CPA can explain this in more detail.

For more financial tips about your home, including insurance and estate planning information, visit http://www.valueyourmoney.org. While there, sign up to receive a free monthly electronic newsletter.

ABOUT TSCPA

TSCPA -- http://www.tscpa.org -- is a nonprofit, voluntary, professional organization representing Texas CPAs. The society has 20 local chapters statewide and has 27,000 members, one of the largest in-state memberships of any state CPA society in the United States. TSCPA is committed to serving the public interest with programs that advance the highest standards of ethics and practice within the CPA profession.