Garland apartment project will bring affordable rental units – The Dallas Morning News

A Dallas builder plans to start construction soon on an affordable housing community in Garland.

OM Housing is building the 112-unit Lakeview Pointe Apartments, a $30 million rental community on Lake Ray Hubbard. The 122,000-square-foot project will be located at 3102 Zion Road, and more than a third of the units in the apartment building will be priced at market rate.

The rental community off Interstate 30 will be built using tax credits from the Texas Department of Housing and Community Affairs. Bank OZK, Capital One Bank, Freddie Mac and Boston Financial provided financing for the project.

The community will include a swimming pool, a clubhouse with a kitchen, a coffee lounge and a community activity center for children.

HEDK Architects designed the project, and the general contractor is Spring Valley Construction.

This is a strong example of housing credits being used as an economic incentive tool in a public-private partnership, CEO Deepak Sulakhe said in a statement. Developing eco-friendly communities is something OM Housing prides itself on.

OM Housing has been in business since 2005 and has developed more than 7,000 housing units valued at more than $550 million.

The Garland project is scheduled to be completed in the fall of 2021.

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Garland apartment project will bring affordable rental units - The Dallas Morning News