Dallas City Council approves federal funds for Builders of Hope CDC’s Mixed-Income Development project in West Dallas

Special to The Dallas Examiner

With the job growth in Dallas increasing 3%+ each year and most of the growth coming from low to moderate income jobs like transportation, trade, utilities, mid-level professional/business services and hospitality there is a growing need to increase housing supply to match with demand. Currently, the ratio of new multifamily units to new jobs is 1 to 9. Not only is there a great need for housing that caters to the working-class families of our city, but housing units near Dallas’ urban core is critically important.

To meet the needs of residents, the Dallas City Council unanimously approved Tuesday $1.9 million in both Neighborhood Stabilization Program and HOME Investment Partnerships funds for the Builders of Hope Community Development Corporation’s Trinity West Villas project – a $7.4 million 36-unit mixed-income multifamily development that promises to bring much needed affordable rental units to the West Dallas community. The funds were awarded through the city of Dallas’ Department of Housing and Neighborhood Revitalization’s standing Notice of Funding Availability application process to support the development of mixed-income housing throughout the city and to ensure affordability for period of 20 years. The development will consist of a mix of 1-, 2- and 3-bedroom units.

Prior to the approval on Tuesday, Deputy Mayor Pro Tem Omar Narvaez, who represents West Dallas, laid the groundwork to spur economic development by establishing the area as a Neighborhood Empowerment Zone which assures additional affordability by reducing permit during predevelopment.

“Creating access to affordable housing for working families near the urban core is paramount to building a thriving city where people can live where they work. I applaud the efforts of Builders of Hope Community Development Corporation for continuing to bridge the gap that exist between housing and affordability,” Narvaez said.

While Builders of Hope CDC has historically produced single family dwelling units, the entry into multifamily development is a direct response to market needs for diverse housing options. James Armstrong III, president and CEO of BOHCDC, expressed that the development “is a win for West Dallas and the city of Dallas as a whole and would not be a reality without our amazing partners.”

Not only does the Trinity West Villas project bring much needed units to the market but also serves as an example of how non-profit – public – private partnerships could serve as a model for equitable development in the city’s Southern Sector.

Additionally, the project became a possibility after Greenleaf Ventures LLC- a private infrastructure development firm, extended an invitation to BOHCDC to participate in developing the 18-acre project site that will also include over 120 single family homes and an additional 100+ multifamily units.

Construction is scheduled to start in the fall.

The Real Estate Council through their Dallas Collaborative for Equitable Development is also a valued partner that provided technical assistance during pre-development and will also participate as a lending partner.

“The City of Dallas continues to experience a drastic shortage of affordable and workforce housing for its low-to-moderate income residents.  Under James Armstrong’s leadership, Builders of Hope continues to answer the call to deliver quality housing to Dallas residents” says Felicia Pierson, Senior Director of Community Investment for TREC’s Community Investors fund.  “As a mission driven organization, not motivated by profits, Builders of Hope is critical to the affordable housing ecosystem.  TREC Community Investors, a Dallas-based CDFI and affordable housing funder, is proud to support Builders of Hope’s new Trinity West Development, a project that will provide much needed mixed-income housing to our neighbors in West Dallas. “

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