Since 1954, Dallas LIFE has been providing beds and hot meals for the homeless population of Dallas. They moved to their current location on Cadiz St in 1998. The first phase of the project is extensive exterior upgrades including large decorative panels and EFIS, a new parapet, new windows, lighting upgrades, and paint. The second phase is the interior with a new entrance and new finished spaces from currently unused areas.
This project is a substantial rehabilitation and expansion of three floors and a basement at the existing site. The completed 109,540 square foot facility will contain six communal sleeping rooms and 51 private bedrooms with a total of 300 beds, as well as common bathroom and laundry facilities. The first two floors will consist of nonresidential and program spaces including a commercial kitchen, communal dining room, daycare space, medical/dental/vision clinic, convenience store, barber, chapel, office and administrative space, classrooms and conference rooms, and a counseling center. The clinic will be staffed by student nurses and medical professionals from the community. Counseling space will be staffed by Metrocare Services, a local mental health service provider, and volunteer counselors in a graduate program for a counseling degree.
UDF will provide $9.5 million in debt with a below market interest rate, lower than standard origination fees, longer amortization period and a lower than standard debt service coverage ratio. and borrower can purchase loan for $1,000 at the end of Compliance period. Without the NMTC program, Dallas LIFE would be unable to find conventional financing for this project due to its lack of traditional sources of revenue.
Benefits to Low Income Communities
UDF’s investment is expected to create 69 temporary construction jobs and 12 new full time jobs. 54 full time jobs will be retained.Most of the fulltime workers at Dallas LIFE, particularly in daycare, are expected to be from the low-income community. Dallas LIFE serves hundreds of low income persons each year who were chronically homeless and typically have barriers to employment such as intermittent work history, past incarceration, legal, and credit issues. Staff interaction with clients results in a natural recruitment process, especially of program graduates. Dallas LIFE has partnerships with area employers to hire program participants including Kelly Temporary Services, Home Depot, FedEx, and Kroger. These are targeted to persons emerging from homelessness.
The average wage for the 28 retained full time jobs is $45,000 and for the 52 retained part time jobs is $1 1/hr. The average wage for the 6 new full time jobs is $35,000 and for the 14 new part time jobs is $1 1/hr. Employee benefits include job training, flexible work hours. 401k plan, health insurance, dental insurance, life insurance, disability insurance, paid vacation, and paid sick leave. In addition, Dallas LIFE will annually provide: , 1 00 job placements, daycare for 40 children, 400,000 meals, 24,200 hours of classes, 400 appointments for medical / dental / vision care, substance abuse recovery for 1 00 individuals, mental health services delivered by Metrocare,
counseling sessions, legal aid, Veterans Administration Services, and assistance moving residents to stable housing.
Tax Credit Investor: