Posted on July 17, 2014
Tax Credits, HUD Funding Finance
Affordable Housing in Dallas
MARK O’MEARA, STAFF WRITER NOVOGRADAC & COMPANY LLP
The completion of Hillside West Seniors Apartments in March 2013 marked the second affordable housing development that GroundFloor Development built in Dallas’ emerging Canyon in Oak Cliff community since 2011. The senior housing development, financed using low-income housing tax credits (LIHTCs) and a U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration 221(d)(4) loan, serves residents who are 62 years old and older and earn 60 percent or less of the area median income (AMI) and below.The five-building, 130-unit development is located 4 miles west of the downtown Dallas central business district. Hillside West Apartments, which features 58 one-bedroom and 72 two-bedroom apartments, reached full occupancy just one month after construction was completed. “Dallas is the ninth largest city in the country and there is a tremendous demand for new, high quality affordable housing,” said Brandon Bolin, founder and CEO of GroundFloor Development. “Both Hillside West Apartments and Taylors Farm Apartments, which is GroundFloor Development’s additional property in Canyon in Oak Cliff, are 98 percent leased.” Bolin added that a consistent 98 percent occupancy rate at Taylors Farm Apartments, a multifamily affordable and mixed-income housing development that opened in 2011, indicated that Canyon in Oak Cliff would be a good location for HillsideWest.