Affordable Assisted Living Property Opens in Dallas
- Nov 21, 2016
Dallas—Simpson Place, an affordable assisted living community, has opened at Simpson St. and North Hill Ave. in Dallas. The 150-unit facility, all one-bedroom units, is relatively unusual in that part of the financing mix included funding through the federal EB-5 Immigrant Investor Program.
The facility is operated by StoneGate Senior Living and is in close proximity to Baylor University Medical Center at Dallas. As an affordable community, rent and meals are paid for through a combination of Social Security, Medicaid and a Section 8 Voucher. Simpson Place also offers short-term 24-hour nursing care, as well as long-term care and outpatient rehabilitation.
Besides assistance with bathing, dressing, and grooming, as well as meals, the facility provides transportation, nursing evaluation, socials, exercise programs and other activities. Residents are encouraged to fill their units with their own furnishings to give them a sense of the home they may have left behind.
As usual with affordable housing, the community was funded by a complex mix of sources. That includes the Dallas Housing Authority, the City of Dallas, Federal Home Loan Bank, Amegy Bank, Stonegate Senior Living, and the City of Dallas Regional Center (CDRC), which is the EB-5 component.
Since 2009, Civitas Capital Group has managed the CDRC, a public-private partnership with the City of Dallas Office of Economic Development. The partnership attracts foreign direct investment to job-creating projects in underserved Dallas communities. Through the CDRC, Civitas has invested more than $320 million of EB-5 capital in 18 Dallas projects.
The EB-5 program gives investors from other countries the opportunity to receive U.S. permanent residency, or a green card, if they invest $500,000 in a U.S. business or project. The investment must create at least 10 new jobs for American workers.
In September, Congress extended the EB-5 program as part of a continuing resolution to fund government operations through Dec. 9. The matter is now before the lame duck Congress, but the program’s fate in the near term—and under the new administration next year—isn’t clear.