Dominium, a leading affordable housing owner, developer and manager announced that it has secured the financing for the resyndication of The Cesera, an affordable housing community for seniors in Garland, Texas.
Nationwide, LIHTC is the largest source of funding support for both the construction of new affordable housing, and maintenance of existing affordable housing communities. In exchange for tax credits, affordable housing developers and operators agree to maintain rents at below-market rates designed so that households making 60% of the Area Median Income pay no more than 30% of their income towards housing.
The Cesera was built in 2006 using LIHTC to provide 204 high-quality affordable apartment homes to seniors in Texas. Dominium has owned and operated the property since January 2022. Renovations to the property will include extensive remodels of the clubhouse as well as several upgrades to individual apartments such as new flooring, countertops, cabinets and appliances.
Dominium would like to thank all of its development and financing partners: Fannie Mae, KeyBank, Key Community Development Corporation, Texas Department of Housing and Community Affairs, Texas Bond Review Board, Garland Housing Finance Corporation, Winthrop & Weinstine, Ebersoldt + Associates, LIA Engineering, Braun Intertec, Chicago Title and Dominium Construction and Architectural Services.
Founded in 1972, Dominium is a purpose-driven leader in affordable housing, dedicated to addressing the nation’s housing crisis through lasting and impactful solutions. With offices in Atlanta, Dallas, Phoenix, and Minneapolis, Dominium owns, develops, and manages more than 40,000 apartment homes in more than 220 communities nationwide. The company is committed to building enduring value through high-quality, affordable housing that strengthens communities, supports residents and serves the needs of our financial partners. Beyond housing, Dominium extends its impact through pro bono development services, charitable contributions, post-secondary scholarships, internships, and volunteer efforts in the communities where we live and work.
