The Federal Home Loan Bank of Dallas has awarded $18.5m in Affordable Housing Program (AHP) subsidies to 26 projects across its five-state district or Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Sanjay Bhasin, FHLB Dallas president and CEO at FHLB Dallas, said: “FHLB Dallas member institutions play an important role in financing affordable housing initiatives in their communities.
“The AHP allows our members to provide millions of dollars across our District to improve living conditions for those who need it most,” said Bhasin.
FHLB Dallas annually returns 10% of its profits in the form of AHP subsidies to the communities served by its member institutions. The funding can then be used for home rehabilitation and modifications for low-income, elderly, and special-needs residents, as well as down payment and closing-cost assistance for qualified first-time homebuyers, and the construction of low-income, multifamily rental communities and single-family homes.
According to the firm, between 1990 and 2020, FHLB Dallas awarded more than $323m through AHP and Homeownership Set-Aside Programs, helping more than 57,000 households.
Beatrice Kelly, Comercia Bank senior vice president and director of community development lending, said: “As a long-time member of FHLB Dallas, we have helped create economic opportunity in areas that need our support. We are grateful for the program and its ongoing commitment to advancing financial inclusion.”
The Federal Home Loan Bank Dallas is one of 11 direct banks in the FHL Bank system created by Congress in 1932. The combined organisation has total assets of $60.2bn as of September 30, 2021.
FHLB Dallas also recently did a 3:1 match on a $17,750 Partnership Grant Program for Arkansas-based affordable housing nonprofit, IN Affordable Housing. Other banks include Bank of Dallas, Arvest, Bank OZK, Bancorp South Bank, Bank OZK and First Security Bank.