The Dallas Housing Opportunity Fund (DHOF) has secured $15 million in new contributions to continue its efforts to expand affordable housing in the City.
With the new investments from Charles Schwab Bank, KeyBank, and BOK Financial through LISC Fund Management (LFM), the fund’s total is now over $41 million.
As previously reported in The Dallas Express, the Dallas City Council approved the DHOF in late 2021.
The fund was seeded with an initial $6 million from the City of Dallas and has subsequently attracted tens of millions of dollars in private investments. Since its inception, the fund has invested $34 million into seven affordable housing developments.
The fund was established to help address the City’s worsening housing crisis.
It specifically focuses its efforts on finding solutions to help renters in Dallas, the majority of whom are deemed cost-burdened and challenged to secure affordable, safe, and secure housing.
Last month, The Dallas Express reported that the median rental price in Dallas-Fort Worth stood at just over $1,900 per month, making the Metroplex the 22nd most expensive metropolitan area in the country. Dallas has seen its rents jump substantially in recent years. Between 2021 and 2022 alone, rents in the City rose by 17%.
“The City’s leadership in making affordable housing for its residents a priority will bring increased economic opportunity to the city as a whole,” president of LFM George Ashton said at the fund’s inception.
The latest round of funding marks the first time BOK Financial has invested. BOK’s $3 million funding will join the $5 million each provided by Charles Schwab and KeyBank.
“There is an urgent need for more affordable housing in Dallas,” said Jamee Jolly, president and CEO of The Real Estate Council.
“TREC Community Investors is proud to be a partner in this impactful collaboration and appreciates the support from the fund’s newest investors. Together we are increasing the supply of affordable housing in our region and building a stronger Dallas.”
Since its launch, DHOF has helped support nearly 500 affordable rental units in the City.