About 10 percent of Dallas’ homeless residents will have a roof over their heads when a new supportive housing complex opens later this year, thanks in part to a $500,000 Affordable Housing Program (AHP) grant provided by the Federal Home Loan Bank of Dallas (FHLB Dallas) and Frost Bank.
St. Jude Inc. received the AHP grant from FHLB Dallas and Frost Bank, an FHLB Dallas member institution, for the renovation of a building that formerly served as a retirement apartment complex in Dallas. St. Jude, a member of the Catholic Housing Initiative, bought the property and is working with Catholic Charities of Dallas, which will operate the facility and provide a wide variety of social services to its residents. A collaborative network of several social service agencies will help identify the men and women who will become its initial residents.
“The AHP grant bridged the gap between hoping to get this project done and actually being able to get this project done,” says Joe Dingman, treasurer of St. Jude Inc.
“As a Texas bank, the issue of homelessness in Texas is one of great importance to us,” says Donna Normandin, senior vice president and CRA officer at Frost Bank. “Partnering with FHLB Dallas to award this grant to St. Jude is a great privilege and allows us to be a part of the solution.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Frost Bank. In 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
The $5.5-million, 104-unit project, is scheduled to open in June 2018.
Published in Bankers Digest March 12, 2018