Armonia Apartments Celebrates Grand Opening in West Dallas, Texas

Armonia Apartments, at 3115 Topeka Ave., is a 15-unit, mixed income apartment building. Of the units, 11 are reserved for people earning between 80% and 120% of the area median income, according to a news release. The Dallas-area median income for a family of four is $117,300, according to the Department of Housing and Urban Development.

The development faced several challenges but worked with funders and members of the La Bajada community to get the project across the finish line.

Securing funding

Initially, the apartment’s income restricted rental rates didn’t support what it would cost to build the project, Brown said. But the $4.8 million development secured funding.

In 2017, the project was funded by two $275,000 initial acquisition investments from TREC Community Investors and Business and Community Lenders of Texas, according to the news release.

Additionally, the Dallas Housing Opportunity Fund and the city of Dallas invested nearly $1.7 million and $2.1 million, respectively, to support the project’s construction and financing.

Dallas has a deficit of affordable housing units, which is worse for people with extremely low and very low income. Armonia Apartments’ rates could address the needs of low-income renters. One-bedroom units at Armonia start at $1,100 and two bedrooms start at $1,320, according to a promotional flyer. An individual making 80% of the area median income has a salary of about $65,700, according to the Dallas Housing Authority. That number rises to about $93,850 for a family of four. Dallas City Homes worked to fund the apartments at that rate below the area median income, but the demand for apartments that serve people with an even lower income is starker.

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Source: The Dallas Morning News