Federal Home Loan Bank of Dallas awards $7.5 million for affordable housing in Texas – Members in the News – TAAHP

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) grants to 10 projects in Texas. The grants will enable the creation or rehabilitation of 986 housing units.

“FHLB Dallas member institutions play an important role in funding affordable housing initiatives in their communities,” said FHLB Dallas President and CEO Sanjay Bhasin. “The AHP enables our members to provide millions of dollars throughout our district to improve the lives of those who need it most.”

FHLB Dallas returns 10% of its profits annually in the form of AHP grants to the communities served by its member institutions. AHP funding is used 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 qualifying first-time homebuyers; and the construction of low-income multi-family rental communities and single-family homes.

Between 1990 and 2020, FHLB Dallas has 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 for seniors and other disabled people and a disaster recovery program to help more than 57,000 households.

Beatrice Kelly, senior vice president of Comerica Bank and 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 strive to raise expectations and make impactful investments in the communities we serve through strategic partnerships,” said Ms. Kelly. “As a long-time member of FHLB Dallas, we have helped create economic opportunity in areas that need our support. We are grateful for the program and its continued commitment to advancing financial inclusion.

Below is a list of 2021 AHP ​​grants for Texas. For more information on the 2021 AHP ​​Grants and other FHLB Dallas Community Investment products and programs, please visit fhlb.com/ahp.

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

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

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

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

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

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

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

Member: Texas Capital Bank, NA
Sponsor: Covenant House Texas
Grant: $750,000 for 52 rental units

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

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

Bernadine J. Perkins