Federal Home Loan Bank of Dallas awards $ 7.5 million for affordable housing in Texas – Members in the News – TAAHP

The Federal Home Loan Bank of Dallas (FHLB Dallas) announced that in partnership with its member financial institutions, it has awarded $ 7.5 million in Affordable Housing Program (AHP) grants to 10 projects in Texas. The subsidies will result in the creation or rehabilitation of 986 housing units.

“FHLB Dallas member institutions play an important role in funding affordable housing initiatives in their communities,” said FHLB Dallas President and CEO Sanjay Bhasin. “The AHP enables our members to provide millions of dollars across our district to improve the lives of those who need it most. “

FHLB Dallas donates 10% of its profits annually in the form of AHP grants to the communities served by its member institutions. AHP funding is used for a variety of projects, including rehabilitation and home modifications for low-income residents, the elderly and residents with special needs; down payment and closing cost assistance for eligible first-time homebuyers; and the construction of low-income multi-family rental housing and single-family homes.

Between 1990 and 2020, FHLB Dallas awarded more than $ 323 million under AHP and Home Ownership Reserve programs, such as down payment assistance program, reparation program and home modification for the elderly and disabled and a disaster recovery program to help more than 57,000 households.

Beatrice Kelly, senior vice president and director of community development loans at Comerica Bank, said the bank has benefited from the program for several years.

“Comerica Bank is honored to be a part of the Affordable Housing Program as we work to raise expectations and make impactful investments in the communities we serve through strategic partnerships,” said Kelly. “As a long-time member of the FHLB Dallas, we have helped create economic opportunities in areas that need our support. We are grateful for the program and its continued commitment to advancing financial inclusion.

Below is a list of the 2021 AHP ​​grants for Texas. For more information on the 2021 AHP ​​Grants and other FHLB Dallas community investment products and programs, please visit fhlb.com/ahp.

Austin
Member: Frost Bank
Sponsor: Loaves and Movable Fish
Grant: $ 750,000 for 50 rental units

Member: Frost Bank
Sponsor: Austin Housing Finance Corp.
Grant: $ 750,000 for 171 rental units

Member: Bank of Prosperity
Sponsor: Project Transitions
Grant: $ 750,000 for 61 rental units

Member: Wells Fargo Bank South Central
Sponsor: Communities Foundation
Grant: $ 750,000 for 88 rental units

Member: Wells Fargo Bank South Central
Sponsor: Communities Foundation
Grant: $ 750,000 for 135 rental units

corpus Christi
Member: Frost Bank
Sponsor: The Salvation Army
Grant: $ 750,000 for 132 rental units

Houston
Member: Banque Comerica
Sponsor: Mountain Top Development
Grant: $ 750,000 for 205 rental units

Member: Texas Capital Bank, NA
Sponsor: Covenant House Texas
Grant: $ 750,000 for 52 rental units

Kingsville
Member: Frost Bank
Sponsor: Adult & Teen Challenge of Texas
Grant: $ 750,000 for 42 rental units

Welasco
Member: Wells Fargo Bank South Central
Sponsor: Prospera Housing Community Services
Grant: $ 750,000 for 50 rental units


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