Federal Home Loan Bank of Dallas Awards $28.4 Million for Affordable Housing

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.”

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.

Visit our Community Programs page for more information on our community investment offerings. A complete list of members and organizations that received AHP funding in 2023 is available here. View the awards below.

Arkansas $6,195,000 for 468 units

Fayetteville
Member: Bank OZK
Sponsor: Restore Hope Arkansas
Subsidy: $850,000 for 60 rental units

Member: Arvest Bank
Sponsor: Restore Hope Arkansas
Subsidy: $850,000 for 89 rental units

Fort Smith
Member: The FNB of Fort Smith
Sponsor: Riverview HOPE Campus
Subsidy: $850,000 for 57 rental units

Member: Arvest Bank
Sponsor: Community Rescue Mission Inc.
Subsidy: $90,000 for 6 rental units

Hardy
Member: First Security Bank
Sponsor: Spring River Apartments, LP
Subsidy: $480,000 for 32 rental units

Lake Village
Member: Simmons Bank
Sponsor: HouseAboutit Community & Economic Development Agency
Subsidy: $270,000 for 18 rental units

Little Rock
Member: Encore Bank
Sponsor: Community Living Inc.
Subsidy: $540,000 for 36 rental units

Member: Simmons Bank
Sponsor: Downtown Little Rock Community Development Corp.
Subsidy: $850,000 for 109 rental units

Member: Cadence Bank
Sponsor: University District Development Corp.
Subsidy: $390,000 for 26 rental units

Member: Arvest Bank
Sponsor: Immerse Arkansas
Subsidy: $225,000 for 15 rental units

Mountain Home
Member: First Community Bank
Sponsor: Eden Village of Mountain Home
Subsidy: $800,000 for 20 rental units

Louisiana $6,530,000 for 575 units

Baton Rouge
Member: Home Bank, N.A.
Sponsor: Partners-for-Progress Inc.
Subsidy: $850,000 for 70 rental units

Member: Red River Bank
Sponsor: Gulf Coast Housing Partnership
Subsidy: $705,000 for 59 rental units

Member: Red River Bank
Sponsor: Gulf Coast Housing Partnership
Subsidy: $850,000 for 72 rental units

Hammond
Member: Home Bank, N.A.
Sponsor: Northlake Homeless Coalition
Subsidy: $850,000 for 57 rental units

Member: Fifth District Savings Bank
Sponsor: Gulf Coast Housing Partnership
Subsidy: $330,000 for 22 rental units

Member: Fifth District Savings Bank
Sponsor: Gulf Coast Housing Partnership
Subsidy: $360,000 for 24 rental units

Lake Charles
Member: Cadence Bank
Sponsor: The Banyan Foundation Inc.
Subsidy: $850,000 for 120 rental units

New Orleans
Member: Metairie Bank & Trust Company
Sponsor: Blueprint Investment Fund
Subsidy: $450,000 for 30 rental units

Member: Home Bank, N.A.
Sponsor: Gulf Coast Housing Partnership
Subsidy: $850,000 for 92 rental units

River Ridge
Member: Home Bank, N.A.
Sponsor: Gulf Coast Housing Partnership
Subsidy: $435,000 for 29 rental units

Mississippi $2,050,000 for 120 units

Hattiesburg
Member: Trustmark National Bank
Sponsor: Gulf Coast Housing Partnership
Subsidy: $450,000 for 30 rental units

McComb
Member: Hope Federal Credit Union
Sponsor: New Century Development Corp.
Subsidy: $750,000 for 50 rental units

Pattison
Member: BankPlus
Sponsor: Mississippi Regional Housing Authority No. VI
Subsidy: $850,000 for 40 rental units

New Mexico $830,000 for 93 units

Albuquerque
Member: Wells Fargo Bank South Central
Sponsor: YES Housing, Inc.
Subsidy: $610,000 for 61 rental units

Socorro
Member: New Mexico Bank & Trust
Sponsor: El Camino Real Housing Authority
Subsidy: $220,000 for 32 rental units

Texas $12,820,280 for 1,421 units

Austin
Member: Cadence Bank
Sponsor: Austin Affordable Housing Corp.
Subsidy: $850,000 for 100 rental units

Member: Frost Bank
Sponsor: Integral Care
Subsidy: $850,000 for 60 rental units

Member: Frost Bank
Sponsor: Austin Housing Finance Corp.
Subsidy: $850,000 for 150 rental units

Member: Texas Capital Bank, N.A.
Sponsor: The SAFE Alliance Affordable Housing Corp.
Subsidy: $850,000 for 60 rental units

Member: Wells Fargo Bank South Central
Sponsor: Foundation Communities Inc.
Subsidy: $850,000 for 156 rental units

Del Rio
Member: Wells Fargo Bank South Central
Sponsor: Housing and Community Services Inc.
Subsidy: $850,000 for 60 rental units

El Paso
Member: TexasBank
Sponsor: Opportunity Center for the Homeless
Subsidy: $600,000 for 35 rental units

Fort Worth
Member: Texas Capital Bank, N.A.
Sponsor: Presbyterian Night Shelter Tarrant County
Subsidy: $600,000 for 40 rental units

Houston
Member: Home Bank, N.A.
Sponsor: Bread of Life Inc.
Subsidy: $500,000 for 31 rental units

Member: Comerica Bank
Sponsor: New Hope Housing Inc.
Subsidy: $850,000 for 112 rental units

Member: Texas Capital Bank, N.A.
Sponsor: Star of Hope Mission
Subsidy: $616,280 for 250 rental units

Member: Stellar Bank
Sponsor: Fifth Ward Community Redevelopment Corp.
Subsidy: $850,000 for 76 rental units

Member: Stellar Bank
Sponsor: Tejano Center for Community Concerns
Subsidy: $850,000 for 93 rental units

San Antonio
Member: Frost Bank
Sponsor: HFCC Inc.
Subsidy: $614,000 for 41 rental units

Member: Frost Bank
Sponsor: Adult & Teen Challenge of Texas
Subsidy: $850,000 for 40 rental units

Waco
Member: Home Federal Bank
Sponsor: Waco Housing Authority
Subsidy: $850,000 for 79 rental units

Wylie
Member: The American National Bank of Texas
Sponsor: Agape Resource & Assistance Center
Subsidy: $540,000 for 38 rental units