DALLAS — LEDG Capital has secured the financing necessary to convert an existing mixed-income property to an all-affordable community and to complete a $5.2 million renovation.
Under the plan, the 90 market rate units at Paradise Gardens will be converted to affordable housing for 30 years under a Low-Income Housing Tax Credit agreement, while the Housing Assistance Payment contract protecting the remaining 23 units, which was due to expire in May 2025, will be renewed for 20 years. Under the new rent and income restrictions, apartments will be affordable to households earning between 30 and 80 percent of area median income.
Renovation efforts will target interior upgrades, including new cabinetry, quartz countertops and appliances, new kitchen and bathroom plumbing fixtures and new flooring, paint, door hardware, lighting fixtures and new HVAC systems. After the project is complete, six apartments will be made fully accessible for people with disabilities. Langerman Construction is serving as general contractor for the work, using plans from Benton Design Group, an architectural firm based in Missouri. A construction timeline was not disclosed.