FHLB Dallas and Comerica Celebrate Groundbreaking of New Senior Housing Project Supported by $2M Affordable Housing Program Grant

The Culbreath Will Focus on Seniors Aged 62 and Above

DALLAS--(BUSINESS WIRE)-- The Federal Home Loan Bank of Dallas (FHLB Dallas) joined Comerica Bank, Volunteers of America National Services and local dignitaries to break ground on a new senior housing project in Dallas, Texas, supported by a $2 million FHLB Dallas Affordable Housing Program (AHP) grant. The groundbreaking ceremony marks the start of construction on The Culbreath, a mixed-income affordable housing community, which will provide high-quality amenities and supportive services for elderly residents. The Culbreath is part of a massive revitalization of the Bonton neighborhood that surrounds the property.

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The Culbreath has a total of 364 units, with 90 percent of the units reserved for those at 60 percent of the median family income or below.

?This development is a strategic investment in long-term housing stability for seniors,? said Deborah Welchel, vice president of Real Estate Development in Texas at Volunteers of America National Services. ?Today?s groundbreaking was made possible by strong partnerships and a shared commitment with DHA Housing Solutions for North Texas to preserving affordability in high-need communities.?

The Culbreath will feature a swimming pool, a fully furnished clubhouse, fitness center, business center and staff offices, including an onsite Resident Coordinator, who will design programs and services to meet the needs of the community.

?The success of projects like The Culbreath goes beyond the construction of the development?it is about creating stable, safe and affordable communities where seniors can thrive,? said Comerica Bank?s Senior Vice President and Director of Community Development Banking Beatrice Kelly. ?This vision became a reality through the strength of collaboration, resulting in another significant investment into the revitalization of the southern sector of Dallas.?

AHP funds are awarded through FHLB Dallas member institutions like Comerica (CMA) and 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.

?It is our commitment to advance community revitalization through the construction of high-quality housing, and this groundbreaking is a powerful example of our commitment in action,? said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. ?Supporting this project is about more than funding?it?s about investing in the long-term resilience of our communities.?

In 2024, FHLB Dallas awarded $44.7 million in AHP General Fund grants to Texas-based affordable housing projects. The grants will help create 2,409 new or rehabilitated housing units. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program.

About Comerica (CMA)

Comerica Incorporated (CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica (CMA), one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica (CMA) provides banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica (CMA) continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica (CMA) has offices in 15 states and services 13 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica (CMA) reported total assets of $77.6 billion at March 31, 2025. Learn more about how Comerica (CMA) is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X, Instagram and LinkedIn.

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 $109.9 billion as of March 31, 2025, 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