The Federal Home Loan Bank of Dallas (FHLB) announced Friday that it had awarded more than $28 million to 43 projects in five states as part of its Affordable Housing Program (AHP).
The subsidies to projects in Arkansas, Louisiana, Mississippi, New Mexico and Texas will create or rehabilitate 2,677 housing units, officials said.
“Affordable housing is a critical need for communities across the country,” FHLB Dallas president and CEO Sanjay Bhasin said. “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.”
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP subsidies. Officials said this year’s subsidies of up to $850,000 per application went to 24 member institutions. The subsidies can be used for the construction or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for the homeless.
Arkansas member institutions received more than $6 million for 486 housing units, while Louisiana members received $6.5 million for 575 units. Mississippi member institutions received more than $2 million for 120 units, New Mexico received $830,000 for 93 units, and Texas member institutions received $12.8 million for 1,421 units.
“The AHP has allowed us to support organizations creating housing opportunities to suit the diverse needs within our community,” Brian North, president and CEO at Fifth District Savings Bank in Louisiana, said. 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. “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.”