City of Dallas and developers break ground on new innovative mixed-income development to meet affordable housing needs in Old East Dallas
Dallas – City leaders, along with Saigebrook Development and O-SDA Industries, two women-owned and HUB-certified real estate firms committed to meeting affordable housing needs in Texas, are breaking ground on a new $25 million mixed-income housing community that will bring 87 units of high-quality affordable and market-rate housing to a rapidly growing Old East Dallas neighborhood.
“Dallas is booming, and that means we need to bring more quality housing to our city. We are working closely with some great partners to make this happen,” Dallas Mayor Eric Johnson said. “This partnership can help us bring new life to a great neighborhood and will provide new affordable options to our families. I am excited to break ground on this project — and thrilled to see this community continue to thrive.”
“The City is extremely proud of the partnership with Saigebrook Development and O-SDA Industries for Kiva East in Old East Dallas. I am supportive of the project and the affordability aspect of it, as it will allow for many mixed income families to live in East Dallas,” District 2 Council Member Jesse Moreno said. “The proximity and connectivity to the Santa Fe Trail and Old East Dallas Work Yard Park will allow for revitalization of the area, where families live, play, and enjoy our parks. The Kiva East project provides much-needed mixed-income housing with class A amenities along with access to early childhood education and other amenities for the residents of District 2. This partnership is an example of how working together can ensure safe parks for families and increase the participation of both sides to create a safer community.”
With support from the City of Dallas, Kiva East secured critical financing to execute the development, including $2.48 million in HOME Investment Partnerships Funds from the U.S. Department of Housing and Urban Development (HUD). The HOME funds were awarded through the City of Dallas’ Department of Housing and Neighborhood Revitalization’s standing Notice of Funding Availability (NOFA) process to support the development of mixed-income housing throughout the city and to ensure affordability for a period of 20 years.
The project also received a loan from LISC’s Dallas Housing Opportunity Fund, which invests in and alongside local developers to create and preserve affordable housing options for households earning at or below 120% of the area median income. Other partners include Hudson Housing Capital, Citibank, Legacy Bank, and the Texas State Affordable Housing Corporation. Kiva East will offer 71 of its units at rents affordable to households making between 30% and 60% of area median income and the remaining 16 units at market rate through a partnership with the Texas Department of Housing and Community Affairs, and the use of Housing Tax Credit financing.
The property has direct access to the Santa Fe Trail, a wide walk-able and bike-able concrete path that connects Deep Ellum to White Rock Lake. Additionally, Kiva East will serve as the home to Bezos Academy, a tuition-free, Montessori-inspired pre-school. The school will have two classrooms and follow a full-day, year-round schedule, providing 40 children with early childhood education. Bezos Academy signed a 10-year lease agreement with Kiva East and the Bezos Foundation will fund the interior build out of the school space.
“We are proud of the unique community that we are creating with Kiva East,” said Owner and President of Saigebrook Development Lisa Stephens. “The development exemplifies the ideal high-quality mixed-income housing community. We leveraged cutting edge partnerships to go beyond just meeting affordable housing needs and create an enriched living experience for our residents” said Stephens.
Kiva East will be National Green Building Standard (NGBS) certified. Units will feature high-efficiency appliances and lighting, solid surface counters, tiled kitchen backsplashes and vinyl plank flooring. Community amenities will include a fully furnished two-story clubhouse with a community room, business center, leasing center, fitness center, splash pad and bicycle parking.
