A New Affordable Seniors Housing Community in Dallas

Quality, affordable housing is hard to find, especially for seniors on a fixed income or with limited means. Nestled in the historic Oak Cliff neighborhood, just outside of downtown Dallas, we’ve helped finance The Oaks, a newly built community for lower-income seniors.

We worked with Optigo® lender Lument to provide $22.1 million in permanent tax-exempt financing through Freddie Mac’s unfunded forward product after the completion and stabilization of this mixed-income property in 2023. Volunteers of America National Services (VOANS) was the guarantor, as well as a co-developer DHA Housing Authority Solutions for North Texas (DHA).

“Freddie Mac is committed to providing liquidity that helps create new affordable housing,” said Kentez Montgomery, senior producer at Freddie Mac Multifamily. “This transaction is especially rewarding because it helps combat the housing supply deficit and supports an in-need population of renters.”

The Oaks offers 260 rental units for seniors aged 62 years or older. Over 90% of the units have income or rent restrictions, with 216 units serving seniors earning 60% or lower of area median income (AMI) — and 27 units serving very low-income seniors who earn 30% AMI or lower. In addition, DHA will provide project-based vouchers for 103 of the units and public housing subsidies for 27 units.

Beyond affordable rent, The Oaks offers several convenient amenities to help improve the lives of its seniors, like a community garden, an on-site medical clinic (operated by an outside contractor), two dog parks, a craft room, a fitness center and much more.

“This collaboration is especially noteworthy to us,” said Tracy Peters, senior managing director of Affordable Housing at Lument. “There is a unified mission between Freddie Mac, Lument, VOANS and DHA to do our part to enrich communities and support tenants across the affordability spectrum.”

We’re proud to have worked with Lument and their partners to create this new, high-quality housing community that goes further to enhance residents’ lives through affordability and tenant advancement services.