The Funding Will Create or Rehabilitate More Than 2,600 Housing Units
The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that it has awarded $28.4 million in Affordable Housing Program (AHP) subsidies to 43 projects in its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. The subsidies will result in the creation or rehabilitation of 2,677 housing units.
“Affordable housing is a critical need for communities across the country,” said FHLB Dallas President and CEO Sanjay Bhasin. “This year, we are proud to provide AHP funds to increase the supply of affordable housing in our members’ communities, providing housing stability and uplifting local economies in the process.”
Read More About Fintech Interview: Global Fintech Interview with Randall Tidwell, CFO at Serviceaide
FHLB Dallas annually returns 10 percent of its profits in the form of AHP subsidies to the communities served by its member institutions. This year’s subsidies were awarded through 24 member institutions. AHP subsidies are available up to $850,000 per application and can be used for the construction or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals.
“The AHP has allowed us to support organizations creating housing opportunities to suit the diverse needs within our community,” said Brian North, president and CEO at Fifth District Savings Bank. “The projects we support require a significant amount of funding to cover construction costs. FHLB Dallas has been vital to cover funding gaps and many projects would not have come to fruition without its support.”
Louisiana-based Fifth District Savings Bank received two grants totaling $690,000 to support Gulf Coast Housing Partnership on two separate projects that will create 46 housing units in Hammond, Louisiana. Both developments will be built to the Insurance Institute for Business & Home Safety’s (IBHS) FORTIFIED Multifamily Gold standard, designed to provide the highest possible protection against severe weather such as high winds, hail, hurricanes and tornadoes.
Fintech Insights: Bridging the Labor Gap in Accounting using AI Technology
[To share your insights with us, please write to pghosh@itechseries.com ]
