Federal Home Loan Bank of Dallas and Wells Fargo Bank Celebrate Grand Opening of Weslaco Affordable Apartments

WESLACO, Texas--(BUSINESS WIRE)-- Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) joined Prospera Housing Community Services (Prospera) and the Weslaco Chamber of Commerce today to celebrate the grand opening of Weslaco Village Apartments. The project was helped by a $750,000 Affordable Housing Program grant, awarded by FHLB Dallas through its member Wells Fargo.

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Weslaco Village Apartments underwent an $18.9 million reconstruction to upgrade units for energy efficiency, upgrade to meet the American with Disabilities Act requirements and improve overall conditions at the property, which was more than 40 years old.

The AHP grant was part of the financing for the project that enabled its successful completion.

The apartments serve extremely low-income residents, of which 74 percent are female heads of households and 45 percent are under age 18, said Jacque Woodring, executive director and CEO at Prospera.

?This is the common face of affordable housing today with these families often surviving on $36,000 or less in annual income,? she said. ?Today?s grand opening gives South Texas families a place that they can feel proud to call home, and the AHP grant was a vital piece of the financing that made this project happen.?

AHP funds assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

?We?ve worked with Prospera a number of times as we consider them an industry leader in providing affordable housing,? said Misty Ramsey-Clark, vice president and Community Lending and Investment Real Estate manager at Wells Fargo. ?We are proud to team up with them and FHLB Dallas to provide high-quality affordable housing in South Texas.?

In 2023, FHLB Dallas awarded $28.4 million in AHP grants to 43 affordable housing projects. The grants will help create 2,677 new or rehabilitated housing units. This year, FHLB Dallas made available $79.4 million in Affordable Housing Program General Fund grants. Award winners will be announced later this year. See Community Programs to learn more.

?Our Affordable Housing Program General Fund, which will award more than $79 million in grants in our five-state District this year, is making a positive impact in South Texas where the need for affordable housing is great,? said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. The three entities also teamed up on the renovation of Rio Manor in Del Rio, Texas, which celebrated a groundbreaking earlier this year.

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 $126.2 billion as of June 30, 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.

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Source: Federal Home Loan Bank of Dallas