The Federal Home Loan Bank of Dallas (FHLB Dallas) has made available $99.4 million in grants this year through its Affordable Housing Program (AHP) and AHP homeownership initiatives. Of the total funding, $79.4 million was allocated to the AHP General Fund, which provides grants to assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals.

“Our nation has a critical shortage of affordable housing options,” says Sanjay Bhasin, president and CEO. “We have options for homeowners and renters through our programs, which provide low- to moderate-income residents, older residents and people with disabilities access to affordable housing.”

In addition to the AHP General Fund availability, FHLB Dallas also made the following 2024 allocations to AHP homeownership programs. Homeowners and nonprofits access the funds through FHLB Dallas member financial institutions:

• $15.5 million for the Homebuyer Equity Leverage Partnership (HELP), which provides grants for down payment and/or closing cost assistance for eligible first-time homebuyers;
• $2.5 million for Disaster Rebuilding Assistance (DRA), which provides grants for homeowner repairs in FHLB Dallas’ district—Arkansas, Louisiana, Mississippi, New Mexico and Texas—that have been declared disaster areas eligible for individual assistance by the Federal Emergency Management Agency (FEMA); and
• $2 million for the Special Needs Assistance Program (SNAP), which funds home repairs and modifications such as wheelchair ramps and wider doors to meet the needs of households containing a resident with special needs.

“The HELP program sponsored by FHLB Dallas has been tremendous in helping Red River Bank create affordable housing in all of our markets,” says Jannease Seastrunk, senior vice president/community relations and CRA officer at Alexandria, Louisiana-based Red River Bank. “We’ve been able to create numerous housing opportunities for low-income families throughout the entire state of Louisiana.”

The following funding windows are available or approaching:

• AHP General Fund applications had to be submitted by May 1;
• DRA will offer a second round of funding on July 8;
• HELP funding is available until December 31, 2024, or until funds are exhausted, whichever occurs first;
• SNAP opens a new round of funding from June 6 to June 8.

View the FHLB Dallas Awards Nearly $100 Million in Affordable Housing Program Grants video to see the impact of the programs.