Dominium Announces Resyndication and Renovations for two Dallas-Area Affordable Housing Communities

Property News

Lakeside Pointe and Mission at Baytown apartment communities continue to provide high quality affordable housing tor more than 525 local families

Dominium, a leading affordable housing owner, developer and manager announced today that it has closed on the financing for the resyndication of Park Manor in Sherman, Texas and Hickory Manor in DeSoto, Texas.

Supported by the Section 42 Low-Income Housing Tax Credit program (LIHTC) Dominium and its partners will renew Park Manor and Hickory Manor’s affordable housing status while conducting a combined $18.5 million in renovations.  Nationwide, LIHTC is the largest source of funding support for both the construction of new affordable housing, and maintenance of existing affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at below-market rates designed so that households making 60% of the Area Median Income pay no more than 30% of their incomes towards housing.

Hickory Manor and Park Manor were built using LIHTC in 2005 and 2006 respectively, providing 190 and 196 affordable apartment homes in the Dallas area. Dominium acquired general partner interest in Hickory Manor in 2011 and did the same for Park Manor in 2016 after taking over management responsibilities for the community in 2014. Both Park Manor and Hickory Manor will receive extensive remodels to their clubhouses, along with new supportive services rooms, and new in-unit appliances, countertops, flooring and efficient lighting and plumbing fixtures. Hickory Manor will also receive a new business center, and a pavilion and grilling area, while residents of Park Manor will now enjoy an expanded fitness center and free in-unit internet.

Dominium would like to thank all of its development and financing partners: Winthrop & Weinstine, Loucks, Braun Intertex, Colliers International, Commercial Partners Title, Merchants Capital Corporation, Merchant’s Bank of Indiana, Merchants Capital Investments, the Texas Department of Housing and Community Affairs, the Texas Housing Foundation, and the North Central Texas Housing Finance Corporation for their support and assistance which made these projects possible.