Federal Home Loan Bank of Dallas and Wells Fargo Celebrate Grand Opening of Affordable Apartments

Rio Rancho, New Mexico, Senior Housing Development Received a $750K FHLB Dallas Grant

RIO RANCHO, N.M.--(BUSINESS WIRE)--Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas), Wells Fargo Bank (Wells Fargo) and local dignitaries joined CC Housing, a subsidiary of Catholic Charities, on June 3 at the grand opening of Felician Villa Apartments I and II, a senior housing complex in Rio Rancho, New Mexico.

FHLB Dallas awarded a $750,000 Affordable Housing Program (AHP) grant through member Wells Fargo to assist with construction.

The 132-unit Felician Villa Apartments offer one- and two-bedroom units for people who are 55 and older. Amenities are designed to enhance residents’ quality of life, with elevators, health and nutrition education, social activities and an on-site service coordinator. The development is located near shopping centers and medical facilities.

“We are pleased to have been involved in this project, creating a wonderfully accessible community for people as they age,” said Patty Parina, vice president and relationship manager in Wells Fargo’s Community Lending and Investment group.

AHP funds assist FHLB Dallas members in financing the purchase, construction and 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.

“Affordable housing for seniors is a long-term investment for Rio Rancho and allows older adults to live in a vibrant, service-adjacent community,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “We value Wells Fargo’s participation in our affordable housing initiatives in New Mexico.”

In 2024, FHLB Dallas awarded $78.9 million in AHP General Fund grants to 41 affordable housing projects. The grants will help create 3,571 new or rehabilitated housing units. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program.

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 $109.9 billion as of March 31, 2025, 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 fhlb.com.