Dallas House Opportunity Fund reports 553 affordable units financed, eyes expanded capital and land trust for homeownership

Ben Gillespie, senior director of fund investments for LISC Fund Management, told the Economic Development Committee the Dallas House Opportunity Fund has financed 553 affordable housing units as of December 2024 and is “well on our way” to meeting the program’s 1,500-unit goal.

“We were ceded with $6,000,000 from the city. We were charged with financing 1,500 affordable units by the year 2031,” Gillespie said. He and other presenters said the fund’s total capital has grown to $41.5 million after four new investors joined last year; the fundraising goal for the vehicle is $46 million, with the fund’s window to reach that goal running through the end of 2026.

The fund’s structure and recent activity

Gillespie said eight deals have closed so far, representing 553 units financed; 239 of those units are completed and leased or occupied. Four additional deals were under underwriting and expected to close by the end of the second quarter, which fund staff said would put about 1,200 units closed or under construction. The fund’s investors include the city, Sunflower Bank, Truist and new participants KeyBank, Charles Schwab and BOK Financial.

Dan McDermott, director of investor relations for LISC Fund Management, explained that banks participate in the fund in several ways — as…