Low-Income Apartments Open in Dallas, with the Help of a $750K Grant from FHLB Dallas and Veritex Community Bank

Oak Lawn Place to Provide 84 new housing units for seniors

DALLAS--(BUSINESS WIRE)--Dallas has a new LGBTQIA+-friendly, affordable apartment complex, thanks in part to a $750,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas), awarded through its member, Veritex Community Bank. Today, officials celebrated the grand opening of the Oak Lawn Place apartments.

Oak Lawn Place offers 84 apartment units for people 55 and older that includes support for the LGBTQIA+ community. The AHP grant was awarded to Resource Center of Dallas, an organization that started in 1983 as a grassroots service for people with HIV/AIDS that has since grown into a broader provider of LGBTQIA+ services.

“The generous $750,000 AHP grant provided through FHLB Dallas was a critical component of the capital stack that helped provide the necessary funding that has made it possible for Resource Center to create Oak Lawn Place, a welcoming residential development that we are proud to bring to Dallas,” said Cece Cox, Resource Center of Dallas CEO.

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 first-time homebuyers; and the construction of low-income multifamily and single-family homes. Next month, FHLB Dallas will announce nearly $100 million in AHP grants being awarded this year through members to finance affordable housing.

All FHLB Dallas grants are awarded through member institutions, like Veritex Community Bank. “Our long-standing relationship with FHLB Dallas and the AHP provided a great opportunity to support a much-needed affordable housing development,” Veritex Senior Vice President and Community Development Officer Courtney Taylor said.

The apartment complex is designed to help older individuals age in place and will include meeting rooms, a fitness center, a dog park, onsite activities and other amenities. It has easy access to healthcare facilities, public transportation and entertainment. Rent will be income-based.

“This is an example of affordable housing designed to meet a particular need in Dallas, and we were pleased to work with our member, Veritex Bank, to assist with the AHP grant, which is known for providing critical gap funding to get projects over the finish line,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.

About Veritex Community Bank

Veritex Community Bank is a mid-sized community bank serving its customers with a full suite of banking products and services. The bank has convenient branch locations in Houston, Fort Worth, and Dallas, Texas, with total assets of more than $12 billion. The bank, headquartered in Dallas, specializes in providing depository and credit services to small to mid-size businesses, which have been largely neglected by national banks. The name “Veritex” is derived from the Latin word “veritas,” meaning truth and “Texas.”

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 $126.2 billion as of June 30, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 815 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.