GREGORY, Texas–(BUSINESS WIRE)–Home Federal Bank and TAAHP Member Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $580,000 Affordable Housing Program (AHP) grant to help fund the rehabilitation of 58 rental housing units for low-income and special-needs families and individuals in Gregory, Texas.
The grant was awarded to TAAHP Member Gregory Housing Authority, which is spearheading the $8.6 million project. Construction began in December 2018 and is expected to be completed at the end of 2019.
“Public housing authorities typically serve the poorest of the poor in their communities,” said Art Schuldt, president of Housing Solutions Alliance. “As a company that partners with local public housing authorities, the AHP grant is a critical part of this public-private partnership.”
Two properties – the 40-unit Orchid Circle and the 18-unit Las Palmas – will be renovated with the help of the AHP grant. The renovations will include upgrades to finishes, new cabinets, appliances, doors and hardware, plumbing and electrical fixtures, new heating and air conditioning systems, windows, the addition of energy efficient features, resident amenities and upgrades to infrastructure.
“The AHP grant makes a significant impact on communities, especially small communities like Gregory,” said Home Federal Bank Senior Vice President of Commercial Banking Matt Sawrie. “For a town with a population of around 1,400, the AHP grant will affect roughly 4 percent of the population. We’re proud to partner with FHLB Dallas to help improve living conditions for families in need.”
FHLB Dallas awards AHP grants annually, through members like Home Federal Bank, to support the creation or rehabilitation of affordable housing units, among other uses. In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 projects that will result in 1,853 new or renovated housing units. Of that, $2.3 million was awarded to Texas projects, and will result in 556 new or rehabilitated housing units.
“Our partnership with Home Federal Bank is one that has resulted in creating affordable housing opportunities for many individuals and families,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Their commitment to community investment makes life better for many families.”
Mr. Schuldt said that the housing authority would have had to reduce the scope of rehabilitation work without the AHP grant.
“The AHP grant allows us to achieve the scope of work desperately needed for the rehabilitation,” said Mr. Schuldt. “We would have a very large gap to fill without it and we would most likely have had to reduce the scope of work, which ultimately would still have to be addressed in the future.”
The 2019 AHP application is available through May 16, 2019. Applications are only accepted through FHLB Dallas members. For more information about the AHP, visit fhlb.com/ahp.
About Home Federal Bank
Since 1924, Home Federal Bank’s prudent and responsible business practices have always kept us strong, stable and fully capitalized. Locally managed and headquartered in Shreveport since 1924, Home Federal is a full-service bank and offers a large range of financial options. For more information, visit hfbla.com/.
About the Federal Home Loan Bank of Dallas
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 $72.8 billion as of December 31, 2018, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.