HOPE Housing Foundation partners with Mutual of Omaha Bank, Enterprise Community Asset, Inc., and Texas Department of Housing and Community Affairs to preserve 330 units of Affordable Housing in Dallas, TX.
Dallas, Texas, Tuesday, October 15, 2013 —Hope Housing Foundation (HOPE) a McKinney,
Texas based 501(c)(3) affordable housing provider has purchased a 330 unit Multi-Family
community in Dallas Texas known as Eban Village Apartments (The COMMUNITY). The
COMMUNITY was developed in the early 2000’s using Low Income Housing Tax Credits
(LIHTC)’s issued by the Texas Department of Housing and Community Affairs (TDHCA).
The COMMUNITY was listed for sale under the Right of First Refusal (ROFR) to qualified Non
Profit organizations. HOPE decided that this was a perfect opportunity to acquire an asset that
would allow them to further perpetuate its Mission of positively affecting the lives of the
community they serve.
The COMMUNITY also partners with Kids U which was formerly Dallas Community Lighthouse,
You can see their mission at www.kids-u.org, and City of Dallas Project Gateway.
Mutual of Omaha Bank provided the first lien mortgage, Enterprise Community Asset, Inc.
was the Limited Partner, the Texas Department of Housing and Community Affairs is the tax
credit issuer and compliance monitor. Locke Lord represented the Borrower, Winstead PC,
represented the Lender, Jackson Walker LLP. represented the Seller, Johnson Capital was the
Mortgage Broker, and Ferguson Financial arranged the Mezzanine Loan. Sprouse, Shrader,
Smith, LLP. represented the Mezzanine Lender, and the Mayfield Firm handled the 501(c)(3)
compliance issues for the Borrower.
For additional information on this transaction, or how HOPE can assist with other opportunities,
visit www.hopehousingfoundation.org, or contact Alvin Johnson.