Project Basics
Location
Dallas, TX
MSQUARED ROLE
Investment
NUMBER OF UNITS
370
PROJECT TYPE
Mixed-Income
Project Details
Location
Dallas, TX
PROJECT TYPE
Mixed-Income
MSQUARED ROLE
Investment
NUMBER OF UNITS
370
Looma
Loma is a 370‐unit mixed‐income ground‐up multifamily development in the rapidly developing North Oak Cliff area of Dallas, TX. The project will leverage a property tax exemption through the Dallas Public Facility Corporation and will include 41% of units restricted at rents affordable to households earning less than 80% of AMI and 10% of units restricted at rents affordable to households earning less than 60% of AMI. The remaining 49% of units will be at market rents. Loma is the second project in which MSquared has invested with woman-led firm, Mintwood Real Estate.
Impact
AFFORDABILITY
Loma will catalyze the production of new mixed-income housing in an increasingly expensive, emerging neighborhood. By leveraging a property tax exemption through the Dallas Public Facility Corporation, Loma will set aside 51% of the units at affordable rents – 41% of units will be affordable to households earning less than 80% of AMI and 10% of units will be affordable to households earning less than 60% of AMI. This restriction will ensure ongoing affordability in this neighborhood as it continues to transform and experience market rent growth.
SUSTAINABILITY
Loma will install energy efficient appliances and EV charging stations.
DIVERSITY
The Project sponsor, Mintwood Real Estate, is an emerging WBE sponsor. Mintwood is focused on delivering a residential community that is focused on meeting the daily quality of life needs of all residents, especially families and women.
