The Dallas Public Facility Corporation meeting on June 24, 2025, focused on significant updates regarding the Oak House project and proposed adjustments to its financing terms. The project is nearing stabilization, with expectations to complete this phase in approximately 30 days. The team expressed satisfaction with the progress and collaboration with local partners.

Key developments include the completion of the design for Phase 2, which is ready for permitting. The project team plans to close on the land before August 29, with no options for extension. However, discussions highlighted concerns about the evolving financial landscape, influenced by state legislation and federal policies affecting tariffs, immigration, and labor. These factors have created uncertainty for potential investors in the project.

To address these challenges, the project team is working to secure a limited partner for financing. They have made adjustments to the project to enhance its affordability, increasing the number of units from 350 to 370. The proposed changes include a shift in the affordability structure, suggesting that 10% of units be set at 60% of the area median income, with additional options for deeper affordability.

Furthermore, the revised term sheet proposes adjustments to the rent payment structure, suggesting a five-year upfront payment plan. This change aims to facilitate quicker access to funding and make the project more financially viable. The team emphasized that these adjustments are crucial for meeting the requirements of financial partners and ensuring the project's success.

Overall, the meeting underscored the ongoing efforts to navigate financial uncertainties while enhancing the project's affordability and stability.