March 28, 2024 02:50 PM Eastern Daylight Time

Federal Home Loan Bank of Dallas and Wells Fargo Bank Award $850K for Rio Manor Apartments Renovation

Funds will add 12 Units and Multiple Upgrades

DEL RIO, Texas--(BUSINESS WIRE)--Prospera Housing Community Services (Prospera) was awarded an $850,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) through its member Wells Fargo, to help fund the renovation of Rio Manor Apartments, a 60-unit multifamily apartment community in Del Rio, Texas.

“Rising housing costs and interest rates have made homeownership unattainable for a large percentage of the population”

A ceremonial groundbreaking project was held last week to celebrate. Twelve units and multiple upgrades will be added. The complex is designed to be affordable housing, with rent based on a resident’s ability to pay as required by HUD regulations. The AHP grant is part of $28.4 million in AHP grants that FHLB Dallas awarded in 2023.

“Our mission at Prospera is to give families a brighter future with quality, affordable housing,” said Jacque Woodring, executive director and CEO at Prospera. “This extensive renovation will give families a place they can feel proud to call home.”

Several amenities will be added, such as a community center, a business center equipped with computers and Wi-Fi, a swimming pool, modernized living areas with ceiling fans, central heat/air, onsite laundry, a picnic area and surface parking.

AHP funds assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

“Chelsea Investment Corporation is an industry leader providing much-needed affordable housing for seniors in Rio Rancho,” said Christian von Merkatz, director in Community Lending and Investment at Wells Fargo. “Wells Fargo is proud and honored to be the construction lender on this impactful project.”

In 2023, FHLB Dallas awarded $28.4 million in AHP grants to 43 affordable housing projects. The grants will help create 2,677 new or rehabilitated housing units. In 2024, $79.4 million has been allocated for the AHP General Fund. Learn more about the FHLB Dallas Affordable Housing Program.

“Rising housing costs and interest rates have made homeownership unattainable for a large percentage of the population,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “It’s great to see the AHP funds used toward a renovation that will help Del Rio residents live affordably and comfortably.”

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 $128.3 billion as of December 31, 2023, 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 Federal Home Loan Bank of Dallas.