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Amegy Bank joins the Dallas Housing Opportunity Fund with $5MM to Support Much-Needed Affordable Housing

The $28.5 million dollar fund will now be able to finance its seventh transaction - a 107-unit mixed-income family community in South Dallas





DALLAS (June 26, 2024) LISC Fund Management, LLC (LFM), a wholly owned subsidiary of national nonprofit, Local Initiatives Support Corporation (LISC), announced today that financial institution Amegy Bank made a $5MM debt commitment to the Dallas Housing Opportunity Fund (DHOF). Amegy Bank joins Truist Bank and Sunflower Bank as investors in the Fund and brings the Fund, seeded by $6MM from the City of Dallas, to $28.5MM.


With this commitment, DHOF will be able to make its seventh investment since its 2021 launch and continue making headway in its mission to alleviate the affordable housing shortage in Dallas. The $31.5MM development, Skyline at Cedar Crest, will convert vacant land into a mixed-income community servicing the workforce families of South Dallas. 85 of the 107 units, 79%, will be affordable to families earning 60% of the area median income ($51,550 for a family of four) or less.


The commitment by Amegy Bank marks a new relationship between the financial institution and LISC.


"We are excited about Amegy Bank's investment in the Dallas Housing Opportunity Fund. This partnership highlights our mutual commitment to developing affordable housing and strengthening communities in Dallas. Together, we are setting a precedent for effective collaboration between the private and public sectors," stated Michelle Spivak, Senior Director of Business Development, of LISC Fund Management.


“Investing in and giving back to the communities we serve is an important pillar of Amegy Bank, and we could not be more thrilled to invest in the Dallas Housing Opportunity Fund. This allows us to participate in several impactful projects that will reinvigorate critical neighborhoods in the city,” said Mark Magee, Amegy Bank’s community banking manager.

DHOF’s seventh investment, Skyline at Cedar Crest, is sponsored by Brompton Community Housing Development Corporation (BCHDC), a woman-led nonprofit organization that develops community housing for low-income families. Located at 2710 E Kiest Blvd., Skyline at Cedar Crest broke ground in May and will offer quality amenities, such as a fitness center, dog park, splash-pad and picnic area.


Ellie Fanning, the Executive Director of BCDHC said, “Commitment and collaboration are the keys to developing quality affordable housing, and Amegy Bank’s investment in the Dallas Housing Opportunity Fund does exactly that. We are extremely grateful for the Fund and all its contributors. Thanks to LISC and its mission, we too can realize ours, which aims to enrich the lives of everyone in our community by offering hope and new attainable housing choices for families and seniors. We are truly looking forward to bringing Skyline at Cedar Crest to the city with the help of our dedicated partners.”


Under the management of LFM, this seventh DHOF investment in Dallas brings the units supported to 424, 81% of which are affordable to families earning at or below 80% of the area median income. LFM is working with investors, developers and local partner TREC Community Investors to identify projects, originate loans and fuel development in high-opportunity communities such as Cedar Crest.


Contact: Julia Keinan jkeinan@lisc.org


About Dallas Housing Opportunity Investment Fund

Targeted to respond to Dallas' urgent need for additional affordable housing units, the mission-oriented investment vehicle – the Dallas Housing Opportunity Fund (DHOF) invests in and alongside local housing developers to create and preserve affordable housing options in areas of high opportunity, targeting residents earning 30 to 120 % the area median income for residents of the City of Dallas. DHOF leverages municipal funds with private capital to drive much-needed development in Dallas.


DHOF is managed by LISC Fund Management, LLC (LFM), a wholly owned subsidiary of Local Initiatives Support Corporation (LISC), in partnership with Dallas based TREC

Community Investors (TREC CI).



About LISC and LISC Fund Management

LISC is one of the country’s largest community development organizations, helping forge vibrant, resilient communities across America. It works with residents and partners to close systemic gaps in health, wealth and opportunity and advance racial equity so that people and local economies can thrive. Since its founding in 1979, LISC has invested $32 billion to create more than 506,302 affordable homes and apartments, developed 82.5 million square feet of retail, community and educational space and help tens of thousands of people find employment and improve their finances.


The private funds sponsored by LISC are available only to eligible investors, are offered only pursuant to their official offering documents, and are managed by LFM. LFM is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC).


For more, visit www.lisc.org and www.liscstrategicinvestments.org.


About Amegy Bank:

Amegy Bank, a division of Zions Bancorporation, N.A., is a leading Texas bank with $14 billion in assets and about 1,000 employees. In 2023, Amegy earned six Best Brand Awards, 20 Greenwich Excellence Awards, seven Middle Market and 13 Small Business Excellence Awards, ranking third among all U.S. banks. With more than 75 locations across Houston, Dallas-Fort Worth and Central Texas, Amegy is dedicated to serving Texas communities, families and businesses. Founded in 1990, Amegy has a strong tradition of relationship banking, local decision making and financial knowledge. Amegy specializes in banking businesses of all sizes, particularly family-owned businesses, and has the resources to provide financing, treasury management and other products and services that help companies grow. Equally important, the bank offers individuals and families a wide range of depository, lending, wealth management and mortgage solutions.


To learn more about Amegy Bank, visit amegybank.com.


About TREC Community Investors

For more than 30 years, TREC Community Investors (TREC CI) has made catalytic investments with over 776 nonprofit organizations dedicated to transforming Dallas. TREC CI furthers that work by creating equitable development that revitalizes the region’s most underserved communities. Employing a place-based strategy that transforms a neighborhood block by block, TREC CI provides a combination of loans, equity-equivalent investments, and expert TREC-member technical assistance to work in a collective partnership with neighborhood leaders and community members. Community Investors is a 501 c3 organization certified by the United States Department of the Treasury as a Community Development Financial Institution (CDFI).



Disclaimer: This document is for informational purposes only and should not be relied upon as investment advice. This document is not a recommendation for any security or investment. An investment in DHOF entails a high degree of risk, including the risk of loss. Past performance is not indicative of future results or a guarantee of future returns. References made to endorsements by any third-party to invest with LFM are not indicative of future performance and do not imply any guaranteed level of service, skill or training. Investors should not rely on endorsements for any purpose and should conduct their own review prior to investing. Michelle Spivak, Mark Magee, and Ellie Fanning are not “promoters” who are compensated.


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