AUSTIN, Texas--(BUSINESS WIRE)--A nonprofit founded by disability rights advocates will build an accessible apartment complex in Austin, Texas, with help from a $189,000 Affordable Housing Program (AHP) grant from Frost Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
The grant will help fund the construction of a $5.8 million, 27-unit accessible apartment complex to be built by Accessible Housing Austin (AHA!), a nonprofit whose mission is to provide affordable, integrated housing for low-income, special-needs residents.
“The AHP has helped this project, which has been 10 years in the making, become a reality,” said Melissa Orren, executive director of AHA!
The three-story apartment complex, to be called AHA! Briarcliff, will be built on land in northeast Austin owned by the Housing Authority of the city of Austin, which will provide a low-cost, long-term ground lease to AHA! The site, along Briarcliff Boulevard, is convenient to public transportation, medical offices, employment centers and shopping.
The apartment complex will house between 35 and 60 people and all units will be affordable to individuals and families earning 50 percent or less of Austin’s median family income. Construction is scheduled to begin in September and will take 18 months. Additional funding for the project came from Texas Department of Housing and Community Affairs and the city of Austin.
“This is a landmark project,” Ms. Orren said. “It came from an agency whose majority board membership consists of individuals with disabilities. This is a project coming out of the disability community — for people with the disabilities. We are really excited.”
Frost Bank Senior Vice President Donna Normandin said the bank is a committed supporter of AHA!
“We’ve seen the good work that AHA! has done in Austin to provide accessible and affordable housing to local in-need residents,” she said. “This agency has had a positive impact on the city of Austin and we are glad to perpetuate their mission through our partnership with FHLB Dallas and the AHP.”
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said Frost Bank is known for reaching out in meaningful ways to the communities where it provides banking services. Frost Bank was among the first recipients of FHLB Dallas’ CARE award, which recognizes members for their outstanding commitment to affordable housing.
“Frost Bank has partnered with FHLB Dallas to award more than $8.8 million in Texas communities through the AHP and other programs such as the Homebuyer Equity Leverage Partnership, Special Needs Assistance Program, Partnership Grant Program and disaster grants,” Mr. Hettrick said. “We commend Frost Bank for its community support and thank them for their partnership.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Frost Bank. AHP grants fund 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.
In 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
About Frost Bank
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $31.7 billion in assets at December 31, 2017. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit frostbank.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 $68.5 billion as of December 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 835 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.