WESLACO, Texas--(BUSINESS WIRE)--Today, Congresswoman Mayra Flores, R-TX, toured a more than 40-year-old Weslaco, Texas, apartment complex that will be torn down and reconstructed into a new $16.5 million affordable housing complex.
Prospera Housing Community Services (Prospera) received a $750,000 Affordable Housing Program (AHP) subsidy from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) toward the reconstruction project, which was celebrated during today’s event.
“Housing is a key pillar for family stability and well-being, and projects like the one happening right here in Weslaco, show that public-private partnerships work,” said Congresswoman Flores. “Housing and Urban Development (HUD) resources, along with private funds, will not only ensure that our community meets its affordable housing demands, but do so in a way that is beneficial to residents, taxpayers and community stakeholders. This is a win-win for TX-34.”
The reconstruction will expand the site from 46 to 50 units and provide the opportunity for a full suite of upgrades for residents, including energy efficiencies, Americans with Disabilities Act modifications, interior and exterior upgrades and a new playground, among other improvements.
Prospera provides affordable housing and related services in three regions of the state: the Rio Grande Valley, Corpus Christi and San Antonio.
“The reconstruction of Weslaco Village Apartments is very exciting to Prospera as it has been many years since we have had this redevelopment opportunity in the Rio Grande Valley,” said Gilbert Piette, executive director of Prospera.
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. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
In 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units, including almost $7.5 million for 986 units in Texas. A new round of funding will be released in the fall.
“We’re thankful for Wells Fargo’s and Prospera’s commitment to affordable housing in the Rio Grande Valley and look forward to seeing the completed apartments,” said Bruce Hatton, vice president and Affordable Housing Program Manager at FHLB Dallas. “Special thanks to Congresswoman Flores for her presence here today and her support of affordable housing in the District.”
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 $77.7 billion as of June 30, 2022, 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.