Federal Home Loan Bank of Dallas Commits Nearly $100 Million to Four Key Affordable Housing Initiatives

BY Business Wire | AGENCY | 04/30/24 10:56 AM EDT

DALLAS--(BUSINESS WIRE)-- The Federal Home Loan Bank of Dallas (FHLB Dallas) has made available $99.4 million in grants this year through its Affordable Housing Program (AHP) and AHP homeownership programs. View the $100 Million in AHP video to see the impact of the programs.

?Our nation has a critical shortage of affordable housing options,? said FHLB Dallas President and CEO Sanjay Bhasin. ?We have options for homeowners and renters through our programs, which provide very low- to moderate-income residents, older residents and people with disabilities access to affordable housing.?

Of the total funding, $79.4 million was allocated to the AHP General Fund, which provides grants to assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals.

In addition to the AHP General Fund availability, FHLB Dallas also made the following 2024 allocations to AHP homeownership programs:

  • $15.5 million for the Homebuyer Equity Leverage Partnership (HELP), which provides grants for down payment and/or closing cost assistance for eligible first-time homebuyers.
  • $2.5 million for Disaster Rebuilding Assistance (DRA), which provides grants for homeowner repairs in FHLB Dallas? District (Arkansas, Louisiana, Mississippi, New Mexico and Texas) that have been declared disaster areas eligible for individual assistance by the Federal Emergency Management Agency (FEMA).
  • $2 million for the Special Needs Assistance Program (SNAP), which funds home repairs and modifications such as wheelchair ramps and wider doors to meet the needs of households containing a resident with special needs.

Homeowners and nonprofits access the funds through FHLB Dallas member financial institutions.

?The HELP program sponsored by FHLB Dallas has been tremendous in helping Red River Bank create affordable housing in all of our markets,? said Senior Vice President Jannease Seastrunk, community relations & CRA officer at Red River Bank. ?We?ve been able to create numerous housing opportunities for low-income families throughout the entire state of Louisiana.?

The following funding windows are available or approaching:

  • AHP General Fund applications must be submitted by May 1
  • DRA will offer a second round of funding on July 8
  • HELP funding is available until December 31, 2024, or until funds are exhausted, whichever occurs first
  • SNAP opens a new round of funding from June 6 to June 8, 2024

See the FHLB Dallas Community Programs for more information.

About the Federal Home Loan Bank of Dallas

The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $125.1 billion as of March 31, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

Source: Federal Home Loan Bank of Dallas

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