Source: Federal Home Loan Bank of Dallas / #Affordable #Housing
DALLAS, TX - The Federal Home Loan Bank of Dallas announced that in partnership with its member financial institutions, it has awarded $9.8 million in Affordable Housing Program (AHP) grants to 33 projects, primarily within its five-state District.
FHLB Dallas returns 10 percent of its profits each year to the communities served by its member institutions in the form of AHP grants. AHP funding is utilized for a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
"FHLB Dallas has been providing AHP grants through our member institutions for more than 20 years," said FHLB Dallas President and CEO Sanjay Bhasin. "There is a great demand for affordable housing within our Bank's five-state District and we are committed to helping meet this need."
The 2014 grants will result in the creation or rehabilitation of 1,586 housing units within FHLB Dallas' District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas, as well as a few states outside FHLB Dallas' District, in which its members do business.
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $30.6 billion as of March 31, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.