A local private investment fund dedicated to financing affordable housing in Dallas just got a $10 million boost. Truist Financial Corp. has invested $10...
Huge boost for Dallas Housing Development Fund comes after city gives $6M in seed money to leverage public, private partnerships.
“What we don’t want is a city comprised solely of high-priced condos and investment properties. We don’t want a city where teachers, policemen, restaurant workers and other service providers have to live in the next town over.” George Ashton, president of LFM said.
Linda McMahon, president of The Real Estate Council, said that city funding for affordable housing hasn’t been enough to meet the growing demands of Dallas, creating the need for public and private partnerships like this. Dallas City Council member Chad West said money isn’t the only limitation to building affordable housing, lamenting the restrictive zoning policy and processes that have kept Dallas’ supply low.
The DHOF invested $5.7 million last month to support the development of 71 units affordable to households making between 30% and 80% AMI. Jaipur Lofts in East Dallas, which will be a Low-Income Housing Tax Credit property, will be near a park, public transportation, a day care facility and medical center.
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