(AUSTIN) — The Texas Department of Housing and Community Affairs (TDHCA) today announced that it will help finance the construction of a new mixed-income rental property in Lake Dallas, expanding housing options for younger working families and senior citizens while revitalizing both the community and local economy.  

TDHCA awarded a $3 million loan to a nonprofit housing organization constructing the 140-unit Champion Homes on the Lake. In exchange for the financing, the development will set aside 28 units to serve households whose annual income does not exceed 80 percent of the area median family income.

For Denton County, this equals an annual income of $56,100 for a family of four.

“Expanding the housing choices of low income Texans is a critical part of our mission, particularly in smaller communities where there are often fewer resources and incomes are typically lower,” said TDHCA Executive Director Tim Irvine. “Besides ensuring all residents have a choice in where they live, all of Lake Dallas will benefit from this funding through construction payroll salaries and the purchase of materials that help fuel the local economy and keep the community vibrant.”

TDHCA made the loan through its HOME Investment Partnerships (HOME) Program which is funded by the U.S. Department of Housing and Urban Development. The program’s goal is to expand the supply of decent affordable housing while strengthening public-private housing partnerships.

In addition to helping finance the development of affordable rental housing, the HOME Program provides down payment and closing cost assistance to qualifying homebuyers, home repair or replacement assistance for income eligible homeowners, rent payment assistance to low income households, and a number of other housing related activities.  

Funds are provided to eligible (primarily rural) cities, counties, public housing authorities, and both nonprofit and for-profit entities which then work directly with low income residents at the local level.