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n December 1, the Federal Home Loan Bank of Dallas (FHLB Dallas) announced that, in partnership with its member financial institutions, it has awarded $19.3 million in Affordable Housing Program (AHP) subsidies to 38 projects in Arkansas, Louisiana, Mississippi, New Mexico and Texas. The subsidies will result in the creation or rehabilitation of 2,749 housing units.
FHLB Dallas annually returns 10 percent of its profits in the form of AHP subsidies to the communities served by its member institutions. AHP funding is utilized for a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing-cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes. Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $324 million through AHP and AHP set-aside programs, such as the Homebuyer Equity Leverage Partnership, Special Needs Assistance Program and Disaster Rebuilding Assistance to help more than 56,500 households.
“The funding announced today will go a long way toward meeting the housing needs across the district,” says Sanjay Bhasin, FHLB Dallas president and CEO. “We are grateful for our participating member institutions that have made affordable housing a priority.”
A total of $10,176,146 for 1,475 units was awarded to 14 Texas cities:
Alvin
Member: Frost Bank
Sponsor: Adult & Teen Challenge of Texas
Subsidy: $700,000 for 40 rental units
Austin
Member: Frost Bank
Sponsor: Mobile Loaves & Fishes Inc.
Subsidy: $750,000 for 76 rental units
Member: Wells Fargo Bank South Central
Sponsor: Foundation Communities Inc.
Subsidy: $750,000 for 110 rental units
Member: Wells Fargo Bank South Central
Sponsor: Foundation Communities Inc.
Subsidy: $750,000 for 137 rental units
Brownsville
Member: Rio Grande Valley Multibank
Sponsor: Community Development Corp. of Brownsville
Subsidy: $600,000 for 40 rental units
Dallas
Member: Frost Bank
Sponsor: Autism Treatment Center Inc.
Subsidy: $149,646 for 50 rental units
Member: Inwood National Bank
Sponsor: AIDS Services of Dallas
Subsidy: $160,000 for 16 rental units
Member: Veritex Community Bank
Sponsor: Resource Center of Dallas
Subsidy: $750,000 for 84 rental units
Houston
Member: Texas Capital Bank NA
Sponsor: Harmony House Inc.
Subsidy: $750,000 for 128 rental units
Member: Wells Fargo Bank South Central
Sponsor: New Hope Housing Inc.
Subsidy: $750,000 for 100 rental units
Killeen
Member: Home Federal Bank
Sponsor: Killeen Housing Authority
Subsidy: $700,000 for 70 rental units
Lampasas
Member: Extraco Banks NA
Sponsor: Fort Hood Area Habitat for Humanity
Subsidy: $200,000 for 20 owner units
McKinney
Member: Independent Bank
Sponsor: St. James CME Church
Subsidy: $80,000 for eight rental units
Mount Pleasant
Member: Frost Bank
Sponsor: Mt. Pleasant Public Facility Corp.
Subsidy: $300,000 for 76 rental units
Richmond
Member: CommunityBank of Texas NA
Sponsor: Fort Bend County Women’s Center
Subsidy: $236,500 for 22 rental units
San Antonio
Member: Wells Fargo Bank South Central
Sponsor: Housing and Community Services Inc.
Subsidy: $750,000 for 234 rental units
San Benito
Member: Home Federal Bank
Sponsor: San Benito Housing Authority
Subsidy: $750,000 for 84 rental units
Tyler
Member: Southside Bank
Sponsor: Habitat for Humanity of Smith County
Subsidy: $300,000 for 30 owner units
Victoria
Member: Texas Capital Bank NA
Sponsor: Housing and Community Services Inc.
Subsidy: $750,000 for 150 rental units
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $66.3 billion as of September 30, 2020, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas.
