Dallas Housing Opportunity Fund reports $42M raised, 940 units supported and path to 1,500-unit goal

Kevin Spath, director of the Office of Economic Development, opened the committee’s annual briefing on the Dallas Housing Opportunity Fund, an effort seeded by a $6 million city recoverable grant. Brian Maddox of LISC Fund Management and fund staff described the fund’s structure, the projects it has financed and the criteria used to select deals.

LISC Fund Management reported that the DHOF has raised $42,000,000 in capital and closed 10 loans across nine projects, deploying about $40,000,000 in subordinate financing to support roughly $245,000,000 of total development cost. "We're excited to share with you some of the information over the last 12 months that, has developed with the fund," Brian Maddox said during the presentation.

Presenters said the fund launched in 2022 with $6,000,000 in seed capital from the city, and that the fund’s goal is to create or preserve 1,500 affordable units by 2031. Under the city agreement, affordability is measured such that 50% of units be at or below 120% of area median income (AMI); as a fund-level requirement…