Dallas Housing Finance Corporation supports affordable and accessible housing options

Dallas Housing Finance Corporation supports affordable and accessible housing options

Since 1996, the City of Dallas Housing Finance Corporation (DHFC) has provided tax-exempt mortgage revenue bond financing for the acquisition and rehabilitation of existing and new multifamily units. These financing and tax incentives provide affordable housing for working families that are 60 percent and below the area median family income level.

DHFC has financed 15 multifamily projects and the Texas Department of Housing and Community Affairs (TDHCA) has provided tax credits for 34 properties since 2004. Services are paid for with in-kind contributions and revenue generated from the properties. DHFC projects and acquisitions are funded by private investors after an approved resolution is provided by the City Council.

“By facilitating the financing of the cost of development or re-development of multi-family rental housing, DHFC can also facilitate an enhanced quality of life for Dallas residents,” said DHFC Manager Karen Schaffner.

DHFC currently has ownership interest in the Jubilee Senior Apartments, a 24-unit multifamily complex that provides one-bedroom units to seniors for $425 per month and the Providence at Mockingbird with 251 intergenerational units, 155 of which are designated for seniors. The DHFC issued tax exempt bonds and took an ownership interest in two other multifamily properties; Bruton Apartments, with 264 units and Park at Cliff Creek with 280 units. Both are still under construction.

“With the demolition and reconstruction of existing substandard housing, rehabilitation of properties, new special need housing for seniors, youth, disabled and the homeless with permanent supportive housing, or just tax credits to finance low and moderate income multifamily construction developments, the City can provide initiatives to remedy the need for safe, decent and affordable housing for residents,” said Schaffner.

For more information on DHFC or other Dallas Economic Development programs, visit: http://www.dallas­ ecodev.org/

Share this: