GROESBECK, Texas--(BUSINESS WIRE)--It’s “Home New Home” for the first residents returning to the renovated Liberty Square and Liberty Village duplex and triplex developments in Groesbeck, Texas. The multifamily sites are being rehabilitated with the help of a $500,000 Affordable Housing Program (AHP) grant from Home Federal Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
The grant, awarded to the Groesbeck Housing Authority (GHA) in 2016 through FHLB Dallas member institution Home Federal Bank, is helping to finance the first major renovation of the 80 units since they opened in 1964. The GHA and its nonprofit affiliate, Liberty Housing Alliance, are also working with affordable housing consultancy Housing Solutions Alliance (HSA) on the $10.2 million project, which began construction in January 2017.
“We find that the grants from the Federal Home Loan Bank of Dallas through their members fit very naturally with the aims of affordable housing,” said HSA VP of Development Micah Strange. “It’s a source that we pursue aggressively, and we have seen it work successfully in public housing projects before.”
The renovated two- and three-bedroom apartments will include new appliances, cabinets, bathrooms, wood flooring, central air and heat, tankless water heaters and ceiling fans, as well as a washer and dryer in each unit. Updates will also be made to the exterior, including perimeter fencing. Work is expected to be completed by December 2017.
“The Affordable Housing Program provides critical funding for large-scale programs, like Liberty Square and Liberty Village,” said Matt Sawrie, SVP of Communications at Home Federal Bank. “It helps to fill in funding gaps and advance the project forward. We value our partnership with FHLB Dallas in making these grants available.”
In 2016, FHLB Dallas awarded $7.8 million in AHP grants to 27 projects that will result in 1,499 new or renovated housing units across FHLB Dallas’ five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. Four AHP projects in the Lone Star State were awarded $2 million in 2016 that will result in 520 new or rehabilitated housing units. The 2017 AHP grants will be announced later this year.
“Elderly residents living on fixed incomes make up 68 percent of those living at Liberty Square and Liberty Village,” said Jana Raymond, GHA Executive Director. “They will benefit greatly from these renovations. We really appreciate the grant from Home Federal Bank and FHLB Dallas.”
AHP grants are available annually through FHLB Dallas member institutions such as Home Federal Bank to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.
“Projects like those in Groesbeck create an invaluable opportunity to give back through our members,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Thanks to Home Federal Bank’s support of the AHP, much-needed funding can be directed to areas of critical need in their community.”
Since 1990, FHLB Dallas through its member institutions has awarded more than $254 million for more than 47,300 AHP projects across FHLB Dallas’ five-state District.
About Home Federal Bank
Locally managed and headquartered in Shreveport since 1924, Home Federal Bank is a full-service bank, offering a large range of financial options to local families and businesses. For more information, visit hfbla.com.
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 $57.5 billion as of March 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 850 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.