Dallas approves $35M bond financing for Highline multifamily development project

Dallas Housing Finance Corporation has taken significant steps to enhance affordable housing options in the city during its recent meeting on June 10, 2025. The board approved a financing resolution for the Highline, Illinois multifamily residential development, which will be located at 4710 West Illinois Avenue. This initiative will utilize up to $35 million in multifamily housing revenue bonds, secured by Fannie Mae mortgage-backed securities.

The financing will support the acquisition, construction, and equipping of the Highline development, which aims to provide much-needed housing in the area. The funding will come from various sources, including an equity investment from PREA, CRBA, and Highline Illinois LLC, as well as construction loans from Citibank and home loans from the City of Dallas.

In addition to the Highline project, the board discussed a potential single-family mortgage bond program. This program is set to allocate $61 million in bond funding to finance home mortgage loans for low- and moderate-income individuals. The resolution will authorize the Texas Department of Housing and Community Affairs (TDHCA) to issue bonds for this purpose, further expanding access to affordable housing in Dallas.

The board's decisions reflect a commitment to addressing housing needs in the community, with the Highline development and the mortgage bond program poised to make a substantial impact. As these initiatives move forward, they are expected to provide vital support for residents seeking affordable housing options in Dallas.