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A new apartment complex in Dallas’ Oak Lawn neighborhood provides a place for an older segment of LGBTQ individuals: Oak Lawn Place apartments is now open at 5723 Sadler Cir.
Oak Lawn Place apartments has 84 units for senior residents who identify as lesbian, gay, bisexual, transgender, and queer (LGBTQ+) age 55 and older. And it’s all thanks to a $750,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB).
Resource Center of Dallas, an organization that started in 1983 as a service for people with HIV/AIDS that now provides additional LGBTQ+ services, was awarded the grant through Veritex Community Bank.
According to a release, the apartment complex is designed to help low-income older residents and will include meeting rooms, a fitness center, a dog park, and onsite activities. There’s also convenient access to healthcare facilities, public transportation, and entertainment.
Rent for the single and double occupancy apartment units will be income-based.
“The generous $750,000 AHP grant provided through FHLB Dallas was a critical component of the capital stack that helped provide the necessary funding that has made it possible for Resource Center to create Oak Lawn Place, a welcoming residential development that we are proud to bring to Dallas,” says Cece Cox, Resource Center of Dallas CEO, in a statement.
AHP grants fund home rehabilitation and modifications for low-income, elderly and special-needs residents, down payment and closing cost assistance for first-time homebuyers, and the construction of low-income multifamily and single-family homes through institutions, like Veritex Community Bank.
“This is an example of affordable housing designed to meet a particular need in Dallas, and we were pleased to work with our member, Veritex Bank, to assist with the AHP grant, which is known for providing critical gap funding to get projects over the finish line,” says Greg Hettrick, Senior VP and Director of Community Investment at FHLB Dallas, in a statement.
The Federal Home Loan Bank of Dallas, with total assets of $126.2 billion as of June 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 815 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
