A groundbreaking on May 12 will celebrate the forthcoming apartment building that will provide mixed-income housing to seniors
DALLAS (May 12, 2022)— The Dallas Housing Opportunity Fund (DHOF) announces its third investment in the City of Dallas with the development of Oak Lawn Place, the first mixed-income, LGBTQIA+-affirming housing community of its kind in North Texas that will serve the needs of the growing population of senior Dallas residents. Resource Center will own the five-story building, partly funded by a $5.4 million bridge loan from DHOF.
The new complex will be located on 1.8 acres in the Oak Lawn neighborhood and is slated to include 84 one- and two-bedroom units, all of which will be accessible to seniors with incomes ranging from 30% to 60% of Area Median Income (AMI).
“Oak Lawn Place is exactly the type of mixed-income housing development that DHOF is focused on creating in thriving Dallas neighborhoods where residents can have easy access to nearby high-quality jobs, services and amenities,” said Ben Glispie, director of Affordable Housing Originations for LISC Strategic Investments. “Public-private partnerships are vital to the success of these developments, and we know that our work together will have a lasting impact in creating fair housing options for everyone in Dallas.”
As part of the development, Oak Lawn Place will feature numerous amenities for residents, including a fitness room, business center, dining room, community kitchen, exceptional views of downtown Dallas from higher-floor residences and a large outdoor terrace overlooking a neighborhood creek. Oak Lawn Place is also within walking distance of a Dallas Area Rapid Transit (DART) rail station and 1.5 miles of the city’s hospital district.
“Oak Lawn Place is a pivotal development for DHOF in that it provides housing for one of our most underserved populations – seniors who need affordable housing, while also setting the standard for the type of high-quality LGBTQIA+-affirming housing we can provide in our region,” said Felicia Pierson, senior director of Community Investment for TREC CI. “This is only the beginning of realizing the full potential of all that the DHOF can help accomplish for the City of Dallas and its residents.”
Oak Lawn Place also brings together leading local organizations in the new development. The sponsor and owner, Resource Center, is an organization serving the LGBTQIA+ community in North Texas and is located a half mile from the future Oak Lawn Place. Developers for the project will be Dallas-based Matthews Southwest, which focuses on creating positive community impact in its work, and Renaissance Neighborhood Development Corporation, a subsidiary of Volunteers of America. Volunteers of America, with deep expertise in affordable housing in mixed-income neighborhoods, will manage Oak Lawn Place.
“We’re proud to be part of such a groundbreaking project as the DHOF continues its work throughout Dallas, and we know this project will have a long-term positive impact on both its residents and the surrounding community,” said Cece Cox, CEO of Resource Center. “With our long history in the neighborhood and our work serving the North Texas LGBTQIA+ community, we recognize firsthand the need for affordable LGBTQIA+-affirming housing, particularly for seniors. We look forward to witnessing the success of Oak Lawn Place together.”
A groundbreaking celebration of the upcoming project will be held on Friday, May 12 at 10:30 a.m.
About DHOF
Targeted to respond to Dallas' urgent need for additional affordable housing units, the mission-oriented investment vehicle – the Dallas Housing Opportunity Fund (DHOF) promotes fair housing by fostering investments that dismantle long-standing patterns of segregated housing. DHOF invests in and alongside local housing developers to create and preserve affordable housing options in areas of high opportunity, targeting residents earning 30 to 120 % the area median income for residents of the City of Dallas. DHOF leverages municipal funds with private capital to drive much-needed development in Dallas.
To date, DHOF has invested in two other mixed income rental housing developments, Kiva East and Jaipur Lofts, with the majority of the units in both developments accessible to low-to-moderate-income residents.
DHOF is managed by LISC Fund Management, LLC (LFM), a wholly owned subsidiary of Local Initiatives Support Corporation (LISC), in partnership with Dallas based TREC Community Investors (TREC CI).
Learn more about DHOF at https://www.liscstrategicinvestments.org/dallas-housing-opportunity-fund-dhof.
About LISC and LFM
LISC is one of the country’s largest community development organizations, helping forge vibrant, resilient communities across America. It works with residents and partners to close systemic gaps in health, wealth and opportunity and advance racial equity so that people and local economies can thrive. Since its founding in 1979, LISC has invested $29.7 billion to create more than 489,000 affordable homes and apartments, developed 81.5 million square feet of retail, community and educational space and help tens of thousands of people find employment and improve their finances.
The private funds sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LFM. LFM is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). For more, visit www.lisc.org and www.liscstrategicinvestments.org.
About TREC Community Investors (TREC CI)
For more than 30 years, TREC Community Investors (TREC CI) has made catalytic investments with over 776 nonprofit organizations dedicated to transforming Dallas. TREC CI furthers that work by creating equitable development that revitalizes the region’s most underserved communities. Employing a place-based strategy that transforms a neighborhood block by block, TREC CI provides a combination of loans, equity-equivalent investments, and expert TREC-member technical assistance to work in a collective partnership with neighborhood leaders and community members. Community Investors is a 501 c3 organization certified by the United States Department of the Treasury as a Community Development Financial Institution (CDFI). Learn more at treccommunityinvestors.org.
Disclaimer
References made to endorsements or testimonials by any third-party to invest with LFM or DHOF are not indicative of future performance and does not imply any guaranteed level of service, skill, or training. Investors should not rely on endorsements or testimonials for any purpose and should conduct their own review prior to investing. Neither Felicia Pierson nor Cece Cox are a “promoter”, client, or investor in LFM or DHOF, and each is a third-party who is not compensated for this statement. Such endorsements or testimonials do not present any material conflict with LFM or DHOF.