Dallas Opens a New Affordable Housing Community
Dallas has welcomed a new apartment community built around affordability and inclusion, with a special focus on serving LGBTQIA+ residents. The development was made possible by a $750,000 award from the Affordable Housing Program (AHP) through the Federal Home Loan Bank of Dallas, with Veritex Community Bank facilitating the support. With the official opening of Oak Lawn Place, the city takes a meaningful step toward expanding housing choices for people who’ve historically had fewer options.
Inside Oak Lawn Place
Oak Lawn Place offers 84 apartments dedicated to people aged 55 and older. The aim is simple and vital: provide a safe, welcoming place to live, where LGBTQIA+ seniors can feel seen and supported. The AHP grant was awarded to the Resource Center of Dallas, an organization that has advanced services for the LGBTQIA+ community since 1983, and that partnership helped turn the concept into a finished community.
Community Impact
The Resource Center of Dallas has long focused on practical solutions to housing needs, especially for people who face added barriers. CEO Cece Cox underscored how key the financing was, noting that the $750,000 AHP grant was a critical piece of the capital stack that made the development possible. It’s a reminder that when community organizations and lenders work together, projects like this can move from plan to reality.
How AHP Funding Helps
AHP grants support a wide range of housing efforts. They help improve living conditions for low-income, elderly, and special-needs residents, and they also assist first-time homebuyers with down payment and closing costs. Beyond Oak Lawn Place, there’s more help on the way: FHLB Dallas is set to allocate nearly $100 million in AHP grants this year, extending financing that can move additional affordable housing projects forward.
Why Local Partnerships Matter
Veritex Community Bank played a key role in connecting the dots for Oak Lawn Place. Courtney Taylor, Senior Vice President and Community Development Officer at Veritex, highlighted the bank’s relationship with FHLB Dallas and their shared goal of advancing affordable housing. Partnerships like this one don’t just open doors—they keep them open, ensuring momentum for projects that serve real community needs.
Amenities That Support Aging in Place
Oak Lawn Place was designed so older adults can age in place with comfort and dignity. The community includes meeting rooms for gatherings, a fitness center for everyday health, a dog park for residents and their pets, and onsite activities to encourage connection. Just as important, residents have easy access to nearby healthcare, public transportation, and local entertainment. Rent is income-based, so monthly costs reflect each resident’s financial situation, helping people stay rooted without being priced out.
Commitment to Community Development
This opening marks a tangible response to Dallas’s affordable housing challenge. Greg Hettrick, Senior Vice President and Community Investment Director at FHLB Dallas, described the property as a model of affordable housing designed to meet specific community needs. AHP funding often fills hard-to-cover gaps in a project’s budget, allowing developments like Oak Lawn Place to proceed when traditional financing alone wouldn’t be enough.
About Veritex Community Bank
Veritex Community Bank serves a broad range of customers across Texas with a full set of banking products and services. With locations in major cities, including Houston, Fort Worth, and Dallas, Veritex reports total assets of more than $12 billion. Its focus on small and mid-sized businesses reflects a commitment to customers who can be overlooked by larger national institutions.
Understanding the Federal Home Loan Bank of Dallas
Created by Congress in 1932, the Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system. With total assets exceeding $126 billion and a membership of about 815 institutions across multiple states, FHLB Dallas supports housing and community development by providing affordable financing that local partners can put to work on the ground.
Frequently Asked Questions
Who is eligible to live at Oak Lawn Place?
Oak Lawn Place is designed for adults aged 55 and older and centers the needs of the LGBTQIA+ community. The property includes 84 dedicated units.
How was Oak Lawn Place financed?
The development received a $750,000 Affordable Housing Program (AHP) grant through the Federal Home Loan Bank of Dallas. Veritex Community Bank facilitated the funding, and the grant was awarded to the Resource Center of Dallas.
What amenities are available to residents?
Residents have access to meeting rooms, a fitness center, a dog park, and onsite activities. The location also offers convenient access to healthcare services, public transportation, and local entertainment.
How is rent determined at Oak Lawn Place?
Rent is income-based, which means monthly costs are set according to each resident’s financial situation to help keep housing affordable.
What roles did Veritex Community Bank and FHLB Dallas play?
Veritex Community Bank connected the project with resources and supported the funding process. FHLB Dallas provided the AHP grant that helped close key financing gaps.
