Several apartment complexes in the portfolios of two city housing corporations are still well short of full, according to a quarterly performance report going to the City Council's Housing and Homelessness Solutions Committee on Monday.
The report covers the Dallas Public Facility Corporation and the Dallas Housing Finance Corporation, whose portfolios include mixed-income apartment projects built with private developers. It lists occupancy, affordable units, projects under construction and tax exemptions through September.
Public facility corporation
The public facility corporation listed five fully operating properties, each 90% to 92% occupied, with 1,002 of 1,104 units filled, or 90.8%.
Its 11 properties still in lease-up were 57.8% occupied combined, with 1,049 of 1,815 units filled. The lowest was The Caroline at 1400 W. Commerce St., with 21 of 300 units occupied, or 7%.
The Cedars - The Marcus at 2000 S. Ervay St. was at 35.5%, The Hayden at 10715 Garland Road at 46.3%, Bishop Ridge - The Bowie at 46.7%, and Standard at Royal at 54%.
Across all 16 properties, the corporation reported 2,051 of 2,919 units occupied, or 70.3%, with 1,471 units set aside for households earning 80% or less of the area median income.
A table in the report puts the corporation's cumulative "taxes forgone" since 2021 at $1,341,029.78. The report does not explain how that figure is calculated.
Housing finance corporation
The housing finance corporation reported its 26 established properties at 89.8% occupancy, with 5,275 of 5,875 units filled. The Citizen, a renovated complex at 8550 Midpark Road, was lowest at 69.3%.
Three newly built properties in lease-up were 41% occupied. Estates at Ferguson, a senior property at 9220 Ferguson Road, had 47 of 164 units filled. Terrace at Southern Oaks and Terrace at Highland Hills were at 43.3% and 45.3%.
More on the way
The two corporations list about $1.45 billion in projects under construction or awaiting closing: nine housing finance projects totaling $650.4 million and 2,162 units under construction, and public facility projects worth $338.3 million under construction with $425.9 million more pending closing.
Financial statements in the report show the housing finance corporation with operating revenue of $3.66 million for the seven months ending July 31, largely from land lease income and developer fees, and the public facility corporation with $882,044 for the eight months ending Aug. 31. The statements are labeled as having no assurance provided.
The committee meets at 9 a.m. Monday, Oct. 26, at City Hall and by video conference. Assistant City Manager Liz Cedillo-Pereira's memo says the corporations will keep reporting quarterly on their pipelines, taxes forgone and revenue.
Sources
cityofdallas.legistar1.com
cityofdallas.legistar.com
