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Federal Home Loan Bank of Dallas Awards $7.5M for Affordable Housing in Texas

Nov 17, 2021

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) subsidies 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 financing affordable housing initiatives in their communities,” said FHLB Dallas President and CEO Sanjay Bhasin. “The AHP allows our members to provide millions of dollars across our District to improve living conditions for those who need it most.”

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.

Between 1990 and 2020, FHLB Dallas awarded more than $323 million through AHP and Homeownership Set-Aside Programs, such as a down payment assistance program, a home repair and modification program geared toward seniors and others with disabilities and a disaster recovery program to help more than 57,000 households.

Beatrice Kelly, Comerica Bank senior vice president & director of Community Development Lending, said the bank has benefited from the program for several years.

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

Below is a listing of the 2021 AHP subsidies for Texas. For more information about the 2021 AHP subsidies and other FHLB Dallas community investment products and programs, please visit fhlb.com/ahp.

Austin
Member: Frost Bank
Sponsor: Mobile Loaves & Fishes
Subsidy: $750,000 for 50 rental units

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

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

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

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

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

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

Member: Texas Capital Bank, N.A.
Sponsor: Covenant House Texas
Subsidy: $750,000 for 52 rental units

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

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

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