Armonía Apartments (2026)
In West Dallas’ La Bajada neighborhood, a long-vacant lot has been transformed into Armonía Apartments, a 15-unit mixed-income multifamily development designed to expand affordable housing access while respecting the history and culture of the surrounding community.
The project was developed by Dallas City Homes, a nonprofit affordable housing developer with a long track record of creating and preserving affordable housing units in West Dallas. Located at 3115 Topeka Avenue, Armonía includes both age-restricted and income-restricted units, serving seniors, low-income households, and market-rate renters in one development.
THE CHALLENGE
Dallas City Homes pursued Armonía at a time when West Dallas faced continued pressure from rising housing costs, redevelopment, and neighborhood change. According to the article, Dallas has a shortage of more than 40,000 housing units for households earning below 50% of area median income, and District 6, which includes La Bajada and West Dallas, has a median household income of approximately $54,000, with nearly one-third of residents renting.
The project required layered financing, public funding, and patient coordination across multiple partners. The City of Dallas invested more than $2 million through a federal HOME Investment Partnerships Program loan and provided $300,000 in grant funding for solar panels. TMF’s shareholder materials further note that the broader City of Dallas financing package totaled $4.1 million, including $3.1 million structured as reimbursement grants.
That reimbursement structure created a timing gap. Construction costs needed to be paid before grant reimbursements were received, placing pressure on the developer’s cash flow and threatening project continuity.
“Without [our] partners, Dallas City Homes likely would have had to sell the land instead of completing the project.”
TMF’S ROLE
Texas Mezzanine Fund provided flexible financing to help Dallas City Homes continue construction while awaiting reimbursement from the City of Dallas. TMF approved a $515,000 line of credit structured with a 36-month interest-only term, principal due at maturity, a fixed 5.45% rate, and a 0.75% origination fee. Repayment was expected from City of Dallas grant reimbursements.
This financing helped bridge the timing gap created by public reimbursement funding and offered more favorable terms than the temporary bank line of credit Dallas City Homes had used during earlier delays.
PROJECT IMPACT
Armonía Apartments adds 15 new mixed-income housing units in West Dallas, including:
Three units reserved for seniors age 65 and older
Three units for residents earning at or below 30% of area median income
Five units for residents earning at or below 80% of area median income
Four market-rate units
Under federal HOME requirements, the income-restricted units will remain restricted for at least 20 years. The project was designed to serve a range of residents, from households earning roughly $30,000 annually to those closer to $100,000, creating a mixed-income model intended to support neighborhood stability.
Beyond the unit count, the project reflects a community-sensitive development approach. Dallas City Homes worked with the La Bajada Neighborhood Community Association and named the project “Armonía,” Spanish for “harmony,” to reflect a balance between neighborhood preservation and future investment.
WHY IT MATTERS
Affordable housing projects often depend on layered capital stacks, public funding, reimbursement schedules, and mission-aligned partners willing to manage timing, complexity, and risk. Armonía demonstrates how TMF’s flexible capital can help community-based developers move projects forward when conventional financing does not fully meet the practical needs of the transaction.
For Dallas City Homes, TMF’s financing helped preserve momentum on a project that brings new affordable units to a neighborhood facing long-term affordability pressures. For West Dallas, Armonía represents more than a building. It is a reinvestment in place, access, and neighborhood continuity.
LOCATION
WEST DALLAS, TX
INVESTMENT
TOTAL PROJECT COST: $2.5 MILLION
TMF LOAN: $515,000
IMPACT
15 NEW MIXED-INCOME APARTMENT UNITS
3 SENIOR-RESTRICTED UNITS
8 INCOME-RESTRICTED UNITS
4 MARKET-RATE UNITS
PARTNERS
DALLAS CITY HOMES
CITY OF DALLAS
DALLAS HOUSING OPPORTUNITY FUND
LISC FUND MANAGEMENT
TOLLESON PRIVATE BANK