housing
Collaborating, convening, and co-investing in neighborhoods
to build sustainable communities
Investments in Housing
As part of CFT’s 5-year strategic plan, we are increasing our investments and partnerships in housing, in alignment with our focus on health, wealth, living, and learning. Housing is a central challenge impacting each of these focus areas.
One of the reasons that the prices of houses and apartments have outpaced incomes is because the region is not producing enough housing to meet demand. As a result, the average home in DFW costs more than four times the median household income. We must work together to address our local housing crisis to better meet our community’s needs.
North Star: Sustainable Communities
Communities thrive when residents at every income level have secure housing, a strong education, a voice in their community, a sense of safety, and access to resources that improve their health and well-being.
Over the next five years, CFT has committed $50 million towards a new Housing Impact Fund, with a vision to reach $100 million through the support of partners. This fund will deliver low-cost, recyclable capital to the local housing sector.
Our initial housing strategy centers around three pillars: production — increasing the supply of homes; preservation — ensuring that units remain affordable and are safe and well-maintained; and partnership and policy — convening the public and private sector to improve systems.
In the past several months, CFT has granted more than $4 million in funding aligned with our strategy pillars. Grantees include:
Dallas Economic Development Corporation
Dallas Housing Opportunity Fund / LISC
Greater Dallas Planning Council
Texas Education Opportunity Fund (TEOF)
Spotlight on Production:
Innovative Construction Methods
Our strategy’s “production” pillar centers around increasing the supply of new homes that are accessible to more people.
This includes partnerships with mission-aligned community developers and builders, incubating innovative construction methods, and providing access to low-cost capital through new loan funds, including the use of program-related investments (PRIs). PRIs serve as recyclable philanthropic capital, expected to be paid back by a certain time, usually at a below-market interest rate.
When we invest in innovative construction, we have the ability to provide not only a home, but also jobs in the economy of the future.
CFT’s Housing Impact Fund will enable developers to build more homes, often using innovative construction methods, to meet community needs.
Spotlight on Preservation:
Dallas Community Land Trust
Established in partnership with The Real Estate Council (TREC) and JP Morgan Chase, the Dallas Community Land Trust (CLT) is a new form of home ownership in Dallas that unlocks the dream of home ownership for more and more families.
The Dallas CLT is a shared equity model ensuring that the home remains affordable permanently. It builds generational wealth for the families that move into CLT homes, and it also keeps the home affordable for the next family.
Frazier Revitalization recently contributed the first two homes to the Dallas CLT.
Part of CFT’s housing strategy focuses on protecting permanent affordability through a Community Land Trust, known as a CLT.
Spotlight on Partnership: HouseDTX
A cornerstone of CFT’s housing initiative is to convene public and private sectors through partnership. HouseDTX was created to coordinate the great efforts of so many across our city. This alliance of community leaders is working together to advance effective housing policy and practices.
In its first year, HouseDTX will include three working groups:
- a funder’s collective led by CFT where we will invite philanthropy, banks, and City officials to help developers access capital;
- an advocacy group grounded in the work of the Dallas Housing Coalition;
- and a Planning and Policy group led by the Greater Dallas Planning Council that will be presenting a set of housing recommendations our City can adopt.
HouseDTX intends to release a housing scorecard next year that will track progress towards filling housing gaps and stabilizing housing stock.
Housing Strategy Featured Partners
Los Angeles: A Cautionary Tale
Shane Phillips, author of The Affordable City, explains how slowed homebuilding in the Los Angeles metro area led to skyrocketed housing costs. Dallas is on the same trajectory; homebuilding has slowed significantly while our population has only increased. The purpose of CFT’s Housing Impact Fund is to help us change course through embracing innovative homebuilding models, adding to the Dallas Community Land Trust to make home ownership more accessible, and convening partners across our city to more rapidly solve our housing crisis.
Resources
Investments in Housing Press Release
Investments in Housing Event Speaker Bios
Housing Strategy Partner Spotlights
In the News
D CEO Magazine: A $100 Million Bet on Affordable Housing in Dallas
D Magazine – FrontBurner: Could a $100M Fund Help Relieve Dallas’ Affordable Housing Problem?
Dallas Business Journal: Communities Foundation of Texas launches $50M housing initiative to tackle affordability issues
Dallas Innovates: Communities Foundation of Texas Launches $50M Initiative to Tackle Dallas’ Housing Crisis
Dallas Morning News: Communities Foundation of Texas launches $50 million housing initiative
NBC 5: Communities Foundation of Texas Launches $50M Dallas Housing Initiative
NBC 5: Millions pledged to grow Dallas housing
WFAA: Communities Foundation of Texas aims to make housing more accessible in North Texas
White Rock Lake Weekly: Funds to address city’s housing challenges
Housing FAQs
Is there a housing crisis in Dallas?
Yes. Dallas does not have enough housing to accommodate our growing population. Because of this limited supply, home prices and rent have increased substantially over the past ten years. This has resulted in a shortage of workforce and attainable housing for Dallas residents.
What has CFT done so far to alleviate the housing crisis?
- CFT has committed $50 million over the next five years as part of this new strategic initiative, and in the past several months, has granted more than $4 million in aligned grant funding. We hope that our commitment will inspire an additional $50 million from partners to create a $100 million Housing Impact Fund.
- CFT is a member of the founding board of the Dallas Community Land Trust, which will help make home ownership more accessible to lower-income families.
- CFT is convening leaders of housing efforts across the city through the launch of the HouseDTX alliance.
Is CFT changing its mission to focus on housing?
No. Our vision is a thriving community for all. Our mission remains to improve the lives of all people in our community by investing in their health, wealth, living, and learning. Investing in housing is an opportunity to impact each of these focus areas, increase economic mobility, and spark systemic change.
Stay in touch.
Join us and other funders, advocates, planners, and community leaders to expand access to housing in Dallas.