DALLAS — The Federal Home Loan Bank of Dallas (FHLB Dallas) has awarded $73.5 million in affordable housing grants to 53 projects in Arkansas, Colorado, Louisiana, Mississippi, New Mexico and Texas. FHLB Dallas is part of the Federal Home Loan Bank System, which consists of 11 district Federal Home Loan Banks created in 1932 to provide capital for mortgage funding and support for community investment. FHLB Dallas annually returns at least 10 percent of its profits in the form of affordable housing grants to the communities served by its member institutions. This year’s grants were awarded through 26 FHLB Dallas member institutions. Grants up to $1.8 million per organization were provided. The funds can be used for the construction or rehabilitation of owner-occupied, rental or transitional housing and housing for individuals experiencing homelessness.
New Hope Housing was one of many developers to receive grants from the Federal Home Loan Bank of Dallas (FHLB Dallas) for construction or redevelopment of affordable housing. As part of a $73.5 million funding package, New Hope Housing received two grants totaling $3.5 million to help fund two affordable apartment complexes in Houston. The funds were distributed through Comerica Bank. Pictured is The Gray, a Houston property developed with FHLB Dallas funds that opened last year.
Federal Home Loan Bank of Dallas Awards $73.5 Million in Affordable Housing Grants
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