BALCH SPRINGS, Texas — JPI announced today it has received construction financing for Parmore Arcadia Trails, a 200-unit, 8.56-acre affordable senior living community in the first-ring Dallas suburb of Balch Springs.
The development, created in partnership with the City of Balch Springs, will help meet a growing need for affordable housing for local seniors earning an average of 60 percent of the area median income.
“Seniors are some of the most vulnerable to inflation and the rising housing costs. Now, more than ever, we need affordable, quality living options for seniors,” says Ryan Combs, senior vice president of affordable housing for JPI.
Parmore Arcadia Trails will be the first and largest section of Balch Springs’ new 75-acre, master-planned community. The Arcadia Trails mixed-use development includes single-family, multifamily and workforce housing, as well as commercial and retail space.
The public-private partnership allows the City of Balch Springs to yield income from the property, generating funds for the city and its residents. Likewise, the city will waive property taxes on the community, allowing JPI to pass those savings on to the residents.
Regions Bank will finance the project in its entirety through low-income housing tax credits, a construction loan, equity bridge loan and a commitment for a Fannie Mae permanent loan.
The post JPI, City of Balch Springs Plan 200-Unit Affordable Community in Texas appeared first on Seniors Housing Business.