Federal Home Loan Bank of Dallas Awards $18.5M for Affordable Housing

Subsidies Will Create or Rehabilitate More Than 2,100 Housing Units

The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that, in partnership with its member financial institutions, it has awarded $18.5 million in Affordable Housing Program (AHP) subsidies to 26 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. The subsidies will result in the creation or rehabilitation of 2,113 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 state-by-state listing of the 2021 AHP subsidies. For more information about the 2021 AHP subsidies and other FHLB Dallas community investment products and programs, please visit fhlb.com/ahp.

Arkansas: $1,500,000 for 102 units

Houston

Member: BancorpSouth Bank

Sponsor: Renewal Ranch

Subsidy: $750,000 for 42 rental units

Searcy

Member: Centennial Bank

Sponsor: Searcy Housing Solutions Inc.

Subsidy: $750,000 for 60 rental units

Louisiana: $3,000,000 for 323 units

Franklin

Member: Home Bank, N.A.

Sponsor: New Orleans Restoration Properties

Subsidy: $750,000 for 60 rental units

New Orleans

Member: Home Bank, N.A.

Sponsor: Building Blocks

Subsidy: $750,000 for 62 rental units

Member: Fifth District Savings Bank

Sponsor: Ozanam Inn

Subsidy: $750,000 for 157 rental units

Opelousas

Member: St. Landry Homestead F.S.B.

Sponsor: The Refinery Mission

Subsidy: $750,000 for 44 rental units

Mississippi: $2,450,000 for 234 units

Canton

Member: The First, a National Banking Association

Sponsor: Central Mississippi Housing and Development Corp.

Subsidy: $750,000 for 64 rental units

Hattiesburg

Member: The First, a National Banking Association

Sponsor: Hattiesburg Housing Authority

Subsidy: $750,000 for 108 rental units

Jackson

Member: Hope Federal Credit Union

Sponsor: Jackson Resource Center

Subsidy: $450,000 for 30 rental units

Natchez

Member: Tensas State Bank

Sponsor: New Hope Missionary Baptist Church

Subsidy: $500,000 for 32 rental units

New Mexico: $1,050,000 for 96 units

Ohkay Owingeh

Member: Century Bank

Sponsor: Ohkay Owingeh Housing Authority

Subsidy: $300,000 for 30 owner units

Rio Rancho

Member: Wells Fargo Bank South Central

Sponsor: CC Housing, Inc.

Subsidy: $750,000 for 66 rental units

Texas: $7,500,000 for 986 units

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

Out of District: $3,000,000 for 372 units

California

Long Beach

Member: Wells Fargo Bank South Central

Sponsor: Century Villages at Cabrillo

Subsidy: $750,000 for 90 rental units

Colorado

Denver

Member: Wells Fargo Bank South Central

Sponsor: Colorado Coalition for the Homeless

Subsidy: $750,000 for 101 rental units

Florida

Opa-Locka

Member: Wells Fargo Bank South Central

Sponsor: Wellspring Community Resources

Subsidy: $750,000 for 110 rental units

North Carolina

Lexington

Member: Bank OZK

Sponsor: The Mid-Atlantic Foundation

Subsidy: $750,000 for 71 rental units

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 $60.2 billion as of September 30, 2021, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.

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@FHLBDallas, in partnership with its member financial institutions, has awarded $18.5 million in Affordable Housing Program subsidies.