JPI and City of Dallas Housing Finance Corporation Close Financing for 248-Unit Torrington Forest Affordable Community

DALLAS — JPI has closed land and construction financing for Torrington Forest, a 248-unit, fully income-restricted multifamily community in southern Dallas, the firm announced Sept. 10, 2026. The transaction closed Sept. 3, 2026, on a 16.95-acre site at 7100 S. Great Trinity Forest Way, with construction beginning this month and completion anticipated in mid-2028.

The City of Dallas Housing Finance Corporation is serving as the general partner in the ownership structure and is ground-leasing the land to the development partnership through a long-term agreement with an HFC affiliate. The project is financed through 4% non-competitive Low-Income Housing Tax Credits administered by the Texas Department of Housing and Community Affairs.

Affordability Structure and Unit Mix

All 248 homes at Torrington Forest will be income-restricted. Thirteen units will serve households earning up to 50% of area median income, 222 units will be restricted to 60% AMI, and 13 units will be available to households at 70% AMI. The unit mix includes 72 one-bedroom, 120 two-bedroom, and 56 three- and four-bedroom homes.

"Dallas needs housing that working families can actually afford, and it needs to be located in the neighborhoods where those families already live and work," said Karsten Lowe, Director of Affordable Housing at JPI. "Torrington Forest will provide 248 quality homes for households earning between 50% and 70% of area median income, creating a meaningful addition to the supply of attainable housing in southern Dallas."

The ground-lease structure, with the City of Dallas Housing Finance Corporation serving as general partner, is consistent with a financing model increasingly used in Texas LIHTC transactions. It allows for ad valorem tax advantages and aligns the project with city housing goals without requiring direct construction spending by the municipality. The city's Housing and Homelessness Solutions Committee held a public hearing and approved a Resolution of No Objection for JPI's 4% LIHTC application to TDHCA, a standard requirement for bond-financed LIHTC projects of this type.

Site and Community Amenities

Torrington Forest will be developed as a three-story, garden-style community on a 16.95-acre site. The project is located directly across from Trinity Forest Golf Club and near McCommas Bluff Nature Preserve within the Great Trinity Forest corridor. The Dal-Tile corporate headquarters is also nearby.

Planned amenities include a swimming pool, fitness center, community room with kitchenette, business center, dog park, walking trails, and picnic and grilling areas. A nearby retail center featuring grocery, national, and locally owned businesses provides residents with convenient access to daily goods and services.

Approximately 6.3 acres of the site will be preserved through a conservation easement covering floodplain along Elam Creek. JPI worked with the City of Dallas to protect the wooded creek corridor while delivering income-restricted homes to the southern Dallas submarket.

Market Context: Southern Dallas and the LIHTC Pipeline

Southern Dallas has historically lagged northern and suburban submarkets in multifamily deliveries, making Torrington Forest's 248 income-restricted units a notable addition to the area's housing supply. City of Dallas documents frame the project within the city's broader effort to support lower-income families through LIHTC-backed development, noting that the project does not interfere with other city housing initiatives.

The financing close in September 2026 follows a city-approval and TDHCA review process that ran through 2025, including the formal LIHTC application for the 2025 4% Housing Tax Credit program year, bond issuance, HFC structuring, and negotiation of the long-term ground lease. The sequencing reflects the multi-year timeline typical of bond-financed affordable housing transactions in Texas.

JPI is a multifamily developer with a portfolio spanning market-rate and affordable communities. Torrington Forest represents the firm's continued activity in the affordable segment through its partnership with the City of Dallas Housing Finance Corporation.

Project Timeline

Construction at 7100 S. Great Trinity Forest Way is scheduled to begin in September 2026, with the community expected to reach completion in mid-2028.

Sources: JPI press release, Sept. 10, 2026