FHLB Dallas Grants $78.9 Million to Expand Affordable Housing
FHLB Dallas Awards Significant Funding for Housing Development
The Federal Home Loan Bank of Dallas (FHLB Dallas) has made an impressive commitment to affordable housing by awarding a total of $78.9 million in grants through its Affordable Housing Program (AHP). This funding will benefit 41 projects across its five-state jurisdiction. As part of a broader allocation, this amount is part of a nearly $100 million initiative that includes various homeownership grant programs, aimed at enhancing housing accessibility. Through these grants, a total of 3,571 housing units will be either created or rehabilitated, promoting more affordable living solutions.
Impact on the Community
President and CEO Sanjay Bhasin emphasized the importance of these grants, stating that affordable housing remains one of the most critical needs in the nation. By providing funding through member institutions, this initiative aims to leave lasting positive impacts on individuals and families for many years ahead. The grants are invaluable resources that foster community development and enrich the quality of life for residents.
Funding Details and Utilization
FHLB Dallas is committed to returning 10 percent of its profits back to the communities it serves, a practice it follows on an annual basis. This year, the funding was distributed through 22 member institutions, reflecting a broader effort to address immediate housing needs. Grants can go up to $2 million each, a significant increase from the previous limit of $850,000 per grant in 2023. These funds are intended for the construction and rehabilitation of various types of housing, including owner-occupied homes, rental units, transitional residences, and housing specifically designed for homeless individuals.
Enhancing Community Programs
For those interested in learning more about the FHLB Dallas's community investment efforts, further information can be found on their official community programs page. Here, visitors can access extensive details about the funded projects and gain insights into the ongoing initiatives aimed at supporting affordable housing development. This initiative comes at a critical time, as communities continue to seek solutions to the pressing issue of affordable housing.
About FHLB Dallas
The Federal Home Loan Bank of Dallas plays a pivotal role in the housing finance system in the United States. Established by Congress in 1932, FHLB Dallas is one of 11 district banks within the FHLBank System. As of September 30, 2024, the institution manages total assets worth $124.9 billion. It operates as a member-owned cooperative, providing competitively priced loans and various credit products to approximately 800 members and associated institutions across its service areas. This robust network facilitates housing development and promotes community growth, ensuring a brighter future for many.
Frequently Asked Questions
What is the Affordable Housing Program (AHP)?
The AHP is a program by FHLB Dallas that provides grants to support the creation or rehabilitation of affordable housing units within the communities served by its members.
How much funding was awarded in 2024?
In 2024, FHLB Dallas awarded a total of $78.9 million across 41 different housing projects.
Who is eligible to apply for these grants?
Grants are available through member institutions that apply on behalf of various housing projects aimed at serving the community.
What types of housing can the grants be used for?
The grants can be utilized for constructing or rehabilitating owner-occupied homes, rental housing, transitional housing, and housing for the homeless.
How does FHLB Dallas support community development?
FHLB Dallas supports community development by providing affordable financing options that empower local housing initiatives and enhance the overall living standards in the communities they serve.
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