New Hope Housing Receives $750K for Houston Housing

Wells Fargo and FHLB Dallas Award $750K for East End Project

HOUSTON--(BUSINESS WIRE)--Wells Fargo Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have joined together to provide a $750,000 Affordable Housing Program (AHP) subsidy to New Hope Housing Inc. to help fund a $34.9 million supportive housing development near downtown Houston, Texas.

Called New Hope Housing Avenue J (NHH Avenue J), the 100-unit, transit-oriented apartment community targets families earning 60 percent of the area’s median income in a neighborhood known as the historic East End. Construction started in June 2020, and progress is well underway. Project completion is anticipated in April 2022.

“Our Avenue J property will offer a robust combination of housing plus services. It is a launch pad to stabilize and improve the lives of our residents – in a neighborhood where gentrification is increasing home and rental prices,” said Joy Horak-Brown, president and CEO of New Hope Housing. All New Hope Housing properties provide social and empowerment services that include case management, access to mental health care, and life-skills training, among others, she said.

Laura Jaramillo, senior vice president, community relations manager, Wells Fargo, said New Hope Housing has made a major impact creating housing options in Houston’s most vulnerable communities.

“The work this organization has done over the years to provide affordable, permanent housing is remarkable,” she said. “Wells Fargo is pleased to be a part of its NHH Avenue J development and we look forward to watching it become a home for future residents.”

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

For 2020, FHLB Dallas awarded $19.3 million in grants to 38 affordable housing projects. The grants will help create 2,749 new or rehabilitated housing units. Included in that total, is $10.2 million in subsidies for 1,475 units of housing in Texas.

Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $323 million in AHP and Homeownership Set-Aside Programs and has assisted more than 57,000 households.

“FHLB Dallas is pleased to join with Wells Fargo in supporting the innovative solutions that New Hope Housing has launched to address the lack of affordable housing in the heart of Houston,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.

For more information about the AHP, visit fhlb.com/ahp.

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 $66.3 billion as of September 30, 2020, 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.