|
DALLAS - The Dallas City Council approved $4.4 million in Community Development Block Grant funds and $3.5 million in HOME investment funds for The Terrace at Southern Oaks—a planned 300-unit mixed income multifamily development. The HOME/CDBG 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.
Located on a 22-acre site, off Southern Oaks Boulevard, The Terrace at Southern Oaks will offer 1-, 2-, 3- and 4-bedroom units. District 4 Council Member Carolyn King Arnold, who represents the area and led efforts to have the federal funds designated for this development, supports the goal of bringing more businesses and housing to the area.
“District 4 desperately needs high-quality housing that can meet the diverse needs of individuals and families living in this area,” said Arnold. “These federal funds are meant to help spur continued economic growth in underserved areas, and I am proud to have played a leadership role in helping to secure some of the funding needed to move this development forward.”
The Terrace at Southern Oaks will offer 147 market-rate units and 153 units that will be reserved for families earning at or below 80 percent of the area median income, or $77,920 annually for a family of four. Monthly rental rates for the units are expected to range between $977-$2000. The community is intended to address the ongoing need for more housing across the city, and federal funding to support the development of more housing will continue to be a top priority.
“The City of Dallas continues to experience tremendous growth that has amplified the need for more housing and investments in infrastructure, particularly the Southern Sector,” said Kyle Hines, assistant director for the Department of Housing and Neighborhood Revitalization. “The Terrace at Southern Oaks is a good example of how we can partner with the private sector to target investment in mixed-income housing near other City investments in infrastructure to help ensure the community has access to high-quality, attainable housing and the necessary resources for economic growth.”
The Terrace at Southern Oaks is being developed by LDG Development. The company is one of the country’s largest developers of affordable housing and has created more than 20,000 units across the country with over 2,000 units planned for the Dallas area over the next three years.
Construction on The Terrace at Southern Oaks is expected to begin this summer and is anticipated to last approximately 24 months. Residents at the development will be able to enjoy a number of upgraded amenities including a large swimming pool; business and fitness centers; spacious floor plans and upgraded amenities.
“LDG is committed to providing high-quality housing for all segments of the markets we serve,” said Jake Brown, development manager for LDG Development. “The Terrace at Southern Oaks will reflect this commitment and will provide a place that our future residents will be proud to call home. We are proud to continue our relationship with the City of Dallas and excited to bring this much needed housing to District 4.”
The first set of units are anticipated to be ready as early as fall 2023.
###
|
