Forest Dale Apartments
Provider: Chesapeake Community Advisors (CCA) and Trinity Village Non-Profit Housing Corporation (Trinity)
Location: Dallas, TX
Property Type: Senior Housing
Description: Molly was experiencing the harsh reality of the Dallas, Texas housing market — affordable housing simply wasn’t available and her home at Forest Dale Apartments was at risk of being converted from affordable rent to market rent. “Not knowing whether I would have a home was one of the biggest stressors I’d ever experienced. The waiting list was one to two years. Becoming a burden to my family was not an option,” Molly stated.
Mercy Loan Fund (MLF) allowed Molly to remain in her affordable home when they provided a $7 million loan to Chesapeake Community Advisors (CCA) and Trinity Village Non-Profit Housing Corporation (Trinity) for the acquisition of Forest Dale Apartments, a 206-apartment community for low-income seniors in Dallas.
Molly loves Forest Dale, “it’s a secure facility with access to markets, medical facilities, public transportation, and many other advantages. No other facility in Dallas even came close to providing these features.”
She would not have had the opportunity to live at Forest Dale had it not been for the deal between MLF and CCA, which strengthened an already-solid relationship; the loan is MLF’s eighth to CCA, and CCA has worked with Trinity on nine previous development projects. “CCA is delighted to partner with MLF and Trinity. Affordable housing for seniors is at risk of conversion to market rents. The financing provided in partnership with MLF supports our efforts to provide a safe, decent, and affordable housing resource for low-income, senior residents of Dallas,” said David Prout, President of Chesapeake Community Advisors.