Federal Home Loan Bank of Dallas and Frost Bank Award $1.5M in Affordable Housing Program Grants for Chronically Homeless

Development Features a Master-Planned Community with Support Services in Austin, Texas

AUSTIN, Texas--(BUSINESS WIRE)-- Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas), through its member Frost Bank, awarded $1.5 million in Affordable Housing Program (AHP) grants to Mobile Loaves & Fishes, a Christian social outreach ministry in Austin, Texas. The grants helped fund the first two phases of Community First! Village ?? a multi-phase development to provide affordable, permanent housing for the chronically homeless in Austin, Texas. On Thursday, representatives from FHLB Dallas and others toured the newest phase of the development.

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Community First! Village, a 51-acre development in northeast Travis County, is currently home to more than 370 formerly homeless residents. When complete, it will provide housing and a supportive community for more than 500 residents.

?We are grateful for such a generous gift from our friends at FHLB Dallas and Frost Bank," said Tracee Henneke, director of relationships & giving at Mobile Loaves & Fishes. "Now that this piece of our Community First! Village development is fully operational, we are eager to continue serving our neighbors who are experiencing homelessness by moving more of our friends off the streets into permanent homes and a supportive community every day."

AHP grants 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 area median income.

?This affordable housing development is a wonderful example of financial institutions and nonprofits working together to develop affordable housing for underserved communities,? said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. ?We are pleased to be a part of it.?

In 2023, FHLB Dallas awarded $28.4 million in AHP General Fund grants to 43 affordable housing projects. The grants will help create 2,677 new or rehabilitated housing units. In 2024, $79.4 million has been allocated for the AHP General Fund. Learn more about the FHLB Dallas Affordable Housing Program.

About Frost Bank

Frost Bank is a Texas-based bank that offers a range of financial products and services, including checking and savings accounts, mortgages and loans, investments and brokerage services and insurance products. Frost Bank was founded in San Antonio in 1868 and is the largest banking organization headquartered in Texas. It has over 185 financial centers in major Texas markets, including Austin, Corpus Christi, Dallas, Fort Worth, Houston and San Antonio.

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. Visit fhlb.com for more information.

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Source: Federal Home Loan Bank of Dallas