Federal Home Loan Bank of Dallas Awards Nearly $17.2 Million for Affordable Housing

The Funding Will Create or Rehabilitate More Than 2,000 Housing Units

DALLAS--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that, in partnership with its member financial institutions, it has awarded nearly $17.2 million in Affordable Housing Program (AHP) subsidies to 26 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. The subsidies will result in the creation or rehabilitation of 2,022 housing units.

“Everyone should have access to affordable housing and the AHP is one way we support our members in financing projects in communities with the most critical needs,” said FHLB Dallas President and CEO Sanjay Bhasin.

FHLB Dallas annually returns 10 percent of its profits in the form of AHP subsidies to the communities served by its member institutions. AHP funding is utilized for 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.

Between 1990 and 2021, FHLB Dallas awarded more than $344.6 million through AHP and Homeownership Set-Aside Programs, such as a down payment assistance program, a home repair and modification program geared toward seniors and others with disabilities and a disaster recovery program to help nearly 60,000 households.

Home Bank is among 14 FHLB Dallas members through which AHP funds will be awarded. FHLB Dallas awarded nearly $1.25 million through Home Bank to a project that will result in 94 new affordable housing rental units in New Orleans, and Opelousas, Louisiana. Kelvin Luster, senior vice president and community development director at Home Bank, said Home Bank has supported the AHP for more than 30 years.

“The AHP subsidies allow Home Bank to assist our communities in ways we could not have done on our own. We are pleased to be included in this latest round of funding to further our investment across the communities we serve,” he said.

Below is a state-by-state listing of the 2022 AHP subsidies. For more information about the 2022 AHP subsidies and other FHLB Dallas community investment products and programs, please visit fhlb.com/ahp.

Arkansas $1,185,000 for 228 units

Magnolia
Member: Cadence Bank
Sponsor: Magnolia Housing Authority
Subsidy: $750,000 for 180 rental units

Paragould
Member: First National Bank
Sponsor: Paragould Housing Development Corp.
Subsidy: $435,000 for 48 rental units

Louisiana $5,829,788 for 562 units

Alexandria
Member: Red River Bank
Sponsor: The Salvation Army Territorial Headquarters
Subsidy: $750,000 for 45 rental units

Baker
Member: Red River Bank
Sponsor: Gulf Coast Housing Partnership
Subsidy: $750,000 for 49 rental units

Houma
Member: b1 Bank
Sponsor: START Corporation
Subsidy: $399,787.51 for 33 rental units

Kenner
Member: Home Federal Bank
Sponsor: Kenner Housing Authority
Subsidy: $750,000 for 121 Rental units

Merryville
Member: Home Federal Bank
Sponsor: Merryville Housing Authority
Subsidy: $750,000 for 90 rental units

New Orleans
Member: Home Bank, N.A.
Sponsor: Providence Community Housing
Subsidy: $750,000 for 62 Rental units

Member: Fifth District Savings Bank
Sponsor: Gulf Coast Housing Partnership
Subsidy: $450,000 for 30 rental units

Opelousas
Member: Home Bank, N.A.
Sponsor: Gulf Coast Housing Partnership
Subsidy: $480,000 for 32 rental units

Rayville
Member: Home Federal Bank
Sponsor: Rayville Housing Authority
Subsidy: $750,000 for 100 rental units

Mississippi $1,110,000 for 74 units

Gulfport
Member: Hope Federal Credit Union
Sponsor: Gulf Coast Housing Partnership
Subsidy: $600,000 for 40 rental units

Jackson
Member: BankPlus
Sponsor: Gulf Coast Housing Partnership
Subsidy: $510,000 for 34 rental units

New Mexico $750,000 for 66 units

Rio Rancho
Member: Wells Fargo Bank South Central
Sponsor: CC Housing Inc.
Subsidy: $750,000 for 66 rental units

Texas $7,560,000 for 1,018 units

Alice
Member: First Community Bank
Sponsor: Rural Economic Assistance League Inc.
Subsidy: $750,000 for 68 rental units

Austin
Member: Texas Capital Bank, N.A.
Sponsor: Guadalupe Neighborhood Development Corp.
Subsidy: $750,000 for 114 rental units

Member: Wells Fargo Bank South Central
Sponsor: Foundation Communities, Inc.
Subsidy: $750,000 for 123 rental units

Member: Wells Fargo Bank South Central
Sponsor: Foundation Communities, Inc.
Subsidy: $750,000 for 110 rental units

Fort Worth
Member: Texas Capital Bank, N.A.
Sponsor: Fort Worth Affordability Inc.
Subsidy: $750,000 for 174 rental units

Houston
Member: Frost Bank
Sponsor: William A Lawson Institute for Peace and Prosperity
Subsidy: $750,000 for 119 rental units

Member: Comerica Bank
Sponsor: New Hope Housing Inc.
Subsidy: $750,000 for 120 rental units

New Braunfels
Member: Frost Bank
Sponsor: Connections Individual and Family Services, Inc.
Subsidy: $300,000 for 20 rental units

San Antonio
Member: Frost Bank
Sponsor: Housing First Community Coalition, Inc.
Subsidy: $750,000 for 76 rental units

Member: Frost Bank
Sponsor: SAMMinistries
Subsidy: $750,000 for 60 rental units

Waco
Member: Texas Capital Bank, N.A.
Sponsor: Solutions for Veterans
Subsidy: $510,000 for 34 rental units

Out of District $750,000 for 74 units

Minnesota

Alexandria
Member: Wells Fargo Bank South Central
Sponsor: Minnesota Adult & Teen Challenge
Subsidy: $750,000 for 74 rental units