City Council approves Builders of Hope CDC’s $7.4M Development; Awards $1.9M to assure affordability
On Tuesday, June 22nd, the Dallas City Council unanimously approved Builders of Hope Community Development Corporation’s Trinity West Villas project- a $7.4 million multifamily development that promises to bring 36 much needed affordable rental units to the West Dallas community. The city of Dallas will contribute $1.9 million in the form of a grant to assure affordability for 30 years. The development will consist of a mix of 1, 2, and 3 bedroom units.
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.
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.”
James Armstrong President & CEO of Builders of Hope CDC at South Dallas groundbreaking Fall of 2021.
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 & CEO of BOHCDC believes that “Trinity West Villas is an example of how low-density development can be a viable solution to our city’s housing crisis.” Armstrong touts 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.”
James Armstrong President & CEO of Builders of Hope CDC at South Dallas groundbreaking Fall of 2021.
Not only does TWV 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 Southern sector of Dallas. In addition to the city’s housing department providing grant funding for affordability, 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 Trinity West site which will also include over 120 single family homes and an additional 100+ multifamily units.
Birdseye view of Trinity West an 18 acre site development in West Dallas. Builders of Hope CDC will develop a 36 unit multifamily project with mix of 1,2, and 3 bedrooms aimed for families below 80% of the AMI.
Birdseye view of Trinity West an 18 acre site development in West Dallas. Builders of Hope CDC will develop a 36 unit multifamily project with mix of 1,2, and 3 bedrooms aimed for families below 80% of the AMI.
The Real Estate Council (TREC) 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. “
Construction start date for Trinity West Villas is set for Fall of 2022.