Representatives from Sunflower Bank and Guardian Mortgage participated in the recent groundbreaking event for the Kiva East development in East Dallas. The event held on December 6, 2022 was hosted by city leaders and partners to celebrate the start of construction of the Dallas Housing Opportunity Fund (DHOF) project that includes an investment by Sunflower Bank first announced in October 2022.
“I am incredibly proud of the work Sunflower Bank is doing in the affordable housing space and the conversations we are leading and taking part in. Seeing heavy machinery moving dirt and establishing the foundation for the 87 units and the free childcare program, took the project from a vision of ratios and concepts on a page to tangible evidence of the impact Kiva East will have on the community. It’s easy to conceptualize the need for affordable housing and the statistics around it, but it’s entirely different to feel your organization is part of the solution in your community,” said Jennifer Norris, Executive Vice President and Chief Credit Officer at Sunflower Bank, who spoke at the groundbreaking.
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The Kiva East Development is supported through the DHOF, which has a purpose to expand affordable housing and economic development. Sunflower Bank became an anchor investor with $7.5 million in debt and equity financing, in addition to $6 million seeded from the City of Dallas. The DHOF is managed by LISC Fund Management (LFM), a unit of the nonprofit Local Initiatives Support Corporation (LISC), which is a certified community development financial institution (CDFI).
Sunflower Bank builds relationships and partnerships with CDFIs, developers, small businesses, investors, nonprofit organizations and government agencies to help provide the capital required to create affordable housing, employment opportunities, economic development, and neighborhood revitalization. Additional community development and investment projects will be announced by Sunflower Bank in 2023.
Kiva East will be a housing community consisting of 87 mixed-income units, that will provide both quality affordable and market rate housing, supporting a range of income levels in the East Dallas area. The development will offer 70% of its units at affordable rates for those making between 30% and 60% of area median income and has plans to include an on-site day care center for families that might otherwise struggle to afford childcare.
SOURCE: Businesswire