Affordable Housing Initiative Launches New Project in Dallas

Author: Kelly Martin Updated: 09-10-2024 05:58 PM

New Affordable Housing Complex Opens in Dallas

Dallas has recently welcomed a new apartment complex designed for affordability and inclusivity, specifically catering to the LGBTQIA+ community. This initiative has been fueled by a generous award of $750,000 from the Affordable Housing Program (AHP) through the Federal Home Loan Bank of Dallas, facilitated by Veritex Community Bank. The Oak Lawn Place apartments have now officially opened, marking a significant step forward in providing housing for marginalized communities.

Benefits of Oak Lawn Place Apartments

Oak Lawn Place features 84 dedicated units meant for individuals aged 55 and older. This apartment complex is more than just a place to live; it creates a nurturing environment that supports the LGBTQIA+ community, ensuring residents feel at home. The AHP grant was instrumental in making this project a reality, awarded to the Resource Center of Dallas, which has been pivotal in advancing services for the LGBTQIA+ community since its inception in 1983.

Community Impact

Resource Center of Dallas has been a guiding force in addressing housing needs, especially for vulnerable populations. The CEO, Cece Cox, articulated the importance of the grant, stating, “The generous $750,000 AHP grant... was a critical component of the capital stack that helped provide the necessary funding.” This commitment underscores how collaborative efforts can yield meaningful developments in communities.

Funding Initiatives to Ensure Affordable Housing

AHP grants play a substantial role in funding a variety of projects. They are aimed at enhancing home conditions for low-income, elderly, and special-needs residents while also assisting first-time homebuyers with down payment and closing costs. Beyond this project, there are significant announcements on the horizon, with FHLB Dallas set to allocate nearly $100 million in AHP grants this year to further assist in financing affordable housing solutions.

The Importance of Local Partnerships

Veritex Community Bank has been essential in connecting resources and support for the Oak Lawn Place apartments. Courtney Taylor, the Senior Vice President and Community Development Officer at Veritex, remarked on the importance of their relationship with FHLB Dallas, emphasizing the mutual goal of fostering crucial affordable housing developments. This kind of partnership ensures that impactful projects can progress and thrive.

Amenities for Residents

The design of the Oak Lawn Place complex has been meticulously planned to allow older adults to age comfortably in place. Included amenities will encourage a sense of community and well-being. There will be meeting rooms, a fitness center, a dog park, and onsite activities. Residents will have easy access to healthcare facilities, public transportation, and local entertainment options, enhancing their quality of life. Importantly, rent will be income-based, allowing affordability tailored to each resident's situation.

Commitment to Community Development

This project represents a significant step toward addressing the affordable housing crisis in Dallas. As Greg Hettrick, Senior Vice President and Community Investment Director at FHLB Dallas, stated, this complex is a model of affordable housing designed to meet specific community needs. Funding from AHP often fills vital gaps, facilitating projects that may otherwise struggle to secure financing.

About Veritex Community Bank

Veritex Community Bank has positioned itself as a pivotal player in the region, expertly serving a diverse customer base with a suite of banking products and services. With locations in major Texas cities, including Houston, Fort Worth, and Dallas, Veritex boasts over $12 billion in total assets. The bank’s dedication to small and mid-sized businesses highlights their commitment to those often overlooked by larger national banks.

Understanding the Federal Home Loan Bank of Dallas

Established by Congress in 1932, the Federal Home Loan Bank of Dallas ranks as one of 11 district banks within the FHLBank system. With total assets exceeding $126 billion, and serving about 815 members and institutions across multiple states, FHLB Dallas significantly contributes to housing and community development through affordable financing solutions.

Frequently Asked Questions

What is the purpose of the Oak Lawn Place apartments?

The Oak Lawn Place apartments provide affordable housing for individuals aged 55 and older, focusing on serving the LGBTQIA+ community.

How was the funding for Oak Lawn Place secured?

A $750,000 grant from the Affordable Housing Program (AHP) provided through the Federal Home Loan Bank of Dallas enabled the development of the apartments.

What amenities are included in the Oak Lawn Place complex?

The complex will feature a fitness center, meeting rooms, a dog park, and activities for residents, promoting a vibrant community atmosphere.

Is rent at Oak Lawn Place affordable?

Yes, rent is income-based, ensuring it remains affordable for residents according to their financial capabilities.

What role does Veritex Community Bank play in this project?

Veritex Community Bank facilitated the funding process through its relationship with the Federal Home Loan Bank of Dallas, supporting the affordable housing initiative.

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