Freddie Mac recently shared a story about The Oaks, a newly built community for lower-income seniors nestled in the historic Oak Cliff neighborhood, just outside of downtown Dallas. The new community provides much-needed quality affordable housing for area seniors on a fixed income or those with limited means.
To finance construction, Freddie Mac and Lument collaborated to provide $22.1 million in permanent tax-exempt financing through Freddie Mac’s unfunded forward product after completion and stabilization in 2023.
“Freddie Mac is committed to providing liquidity that helps create new affordable housing,” said Kentez Montgomery, senior producer at Freddie Mac Multifamily. “This transaction is especially rewarding because it helps combat the housing supply deficit and supports an in-need population of renters.”
The Oaks offers 260 rental units for seniors aged 62 years or older. Over 90% of the units have income or rent restrictions, with 216 units serving seniors earning 60% or lower of area median income (AMI) — and 27 units serving very low-income seniors who earn 30% AMI or lower.
Read the full story here.
Also view Freddie Mac’s interactive map on equitable housing featuring The Oaks and other affordable communities.
