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DPFC approves revised Oak House Phase 2 terms, adding deeper affordability and changing rent schedule
Summary
The Dallas Public Facility Corporation unanimously approved changes to the Oak House Phase 2 term sheet that add units at deeper affordability levels and move most rent payments to later years while requiring an upfront payment. Board members raised questions about city-council review and the revenue tradeoffs the changes create.
The Dallas Public Facility Corporation on June 24 approved renegotiated terms for Oak House Space 2, a planned multi‑family project at 909 E. Colorado Blvd., that increase the number of affordable units and change the rent‑payment schedule to include an upfront payment and delayed rent start.
The board’s vote, taken by roll call, was unanimous among members present. Director Tallis moved to approve the term sheet, and Director Brown seconded the motion.
The changes presented by developer representative Katie Slade shift the project from the original 350 units to 370 units and add deeper affordability by increasing the share of units at lower income levels. "Phase 2 is now fully designed," Slade said, describing the financing adjustments the developer requested to make the project financeable. She told the board the developer has identified an equity partner that…
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