Community Challenges
Housing advocates estimate that Dallas County lacks 20,000 affordable units for seniors.
This challenge is made more difficult for seniors in the LGBTQIA community who often face discrimination when searching for affordable housing. According to an Equal Rights Center report, 48% of older same-sex couples applying for housing were subjected to discrimination.
Discrimination and housing insecurity puts LGBTQ+ elders at greater risk for chronic health problems, social isolation, poverty and premature mortality.
Providing safe, affordable housing to the LGBTQIA senior community — while creating a supporting environment for members of the community and individuals affected by HIV — is the primary goal of the Oaklawn Place new build.
Meet Resource Center Dallas
Enter Resource Center Dallas, a Texas nonprofit constructing an 84-unit apartment complex, serving seniors 55+ who identify as LGBTQIA.
Oaklawn Place units will provide housing for the senior LGBTQIA community earning 30-60% AMI. Not only will it help close the housing gap, but it will also support a vulnerable population who often face discrimination in their housing search.
Since its founding in 1983, Resource Center Dallas has been on a mission to empower the lesbian, gay, bisexual, transgender and queer communities and all people affected by HIV through improving health and wellness, strengthening families and communities and providing transformative education and advocacy. The nonprofit operates one of the largest LGBTQIA community centers in the US and is a primary HIV/AIDS service organization in North Texas.
Financing Needs
To complete Oaklawn Place, the development team needed to secure $23 million in total development funds. To accomplish this, and make housing available to at-risk seniors in the LGBTQIA community, Resource Center Dallas partnered with Comerica Bank.
With the Low-Income Housing Tax Credit (LIHTC) program, which offers a dollar-for-dollar reduction in federal income taxes for project owners, the development secured $13.4 million in total equity, with Comerica contributing $5 million. Comerica also provided a $9.1 million construction loan.
With Comerica’s backing, Resource Center Dallas is on track to open Oaklawn Place apartments in December 2024.
Last year, Comerica invested $94 million in LIHTC equity for construction of affordable housing projects1, like Oaklawn Place. In total, Comerica provided $302 million in lending and investment to support affordable housing. Comerica also seeks to invest in projects that support sustainability, the arts and other social benefits. The impact of the investments aligns with Comerica’s Outstanding CRA rating.
To learn more about Comerica’s commitment to community development, and our work with affordable housing builders like Resource Center Dallas, visit Community Development Lending & Investing.
1For fiscal year 2023
