Federal Home Loan Bank of Dallas Provides $ 18.5 Million for Affordable Housing
The Federal Home Loan Bank of Dallas has awarded $ 18.5 million in Affordable Housing Program (AHP) grants to 26 projects in its five-state district or in Arkansas, Louisiana, Mississippi, New Mexico and Texas.
Sanjay Bhasin, President and CEO of FHLB Dallas at FHLB Dallas, said: “FHLB Dallas member institutions play an important role in funding affordable housing initiatives in their communities.
“The AHP enables our members to provide millions of dollars across our district to improve the lives of those who need it most” said Bhasin.
FHLB Dallas donates 10% of its profits annually in the form of AHP grants to the communities served by its member institutions. The funding can then be used for the rehabilitation and alterations of housing for low-income residents, seniors and residents with special needs, as well as for down payment and closing cost assistance for those with low income. qualified first-time homebuyers; and low-income multi-family housing construction. rental communities and single-family homes.
According to the company, between 1990 and 2020, FHLB Dallas provided more than $ 323 million through the AHP and Homeownership Set-Aside programs, helping more than 57,000 households.
Beatrice Kelly, Senior Vice President and Director of Community Development Loans at Comercia Bank, said: “As a long-time member of the FHLB Dallas, we have helped create economic opportunities in areas that need our support. We are grateful for the program and its continued commitment to advancing financial inclusion.
Federal Home Loan Bank Dallas is one of 11 direct banks in the FHL banking system established by Congress in 1932. The combined organization has total assets of $ 60.2 billion as of September 30, 2021.
FHLB Dallas also recently made a 3: 1 match on a $ 17,750 affordable housing partnership grant program based in Arkansas nonprofit, IN Affordable Housing. Other banks include Bank of Dallas, Arvest, Bank OZK, Bancorp South Bank, Bank OZK, and First Security Bank.