The Federal Home Loan Bank of Dallas announced it has made available $99.4 million in grants this year through its Affordable Housing Program and AHP homeownership programs.
“Our nation has a critical shortage of affordable housing options,” FHLB Dallas President and CEO Sanjay Bhasin said in a statement. “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, FHLB said $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.
From left: FHLB Dallas President and CEO Sanjay Bhasin and Red River Bank SVP Jannease Seastrunk.
In addition to the AHP General Fund availability, FHLB Dallas announced it 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.
Accessing funds for affordable housing
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,” Senior Vice President Jannease Seastrunk, community relations & CRA officer at Red River Bank, said in a statement. “We’ve been able to create numerous housing opportunities for low-income families throughout the entire state of Louisiana.”
FHLB said these 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 Dec. 31, or until funds are exhausted, whichever occurs first.
- SNAP opens a new round of funding from June 6 to June 8
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLB System created by Congress in 1932.
FHLB Dallas has assets of $125.1 billion as of March 31, and is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to roughly 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
North Texas has plenty to see, hear, and watch. Here are our editors' picks. Plus, you'll find more selections to "save the date."
-
Peruse Dallas Innovates' special once-a-year magazines. Each edition is a keeper.
-
The Dallas Public Library's J. Erik Jonsson Central Library in downtown Dallas—one of America's largest—was built in 1982 across from Dallas City Hall, and many agree it could use an overhaul. That especially includes library officials and consultants they brought in for a report on the building's future, among other needed investments in the city's library system.
-
Dallas Innovates, the Dallas Regional Chamber, and Dallas AI are teaming up to launch the new AI 75 program at Capital Factory's Future of AI Salon today. The first-ever list will recognize Dallas-Fort Worth innovators in artificial intelligence. Nominations are open through March 20.
-
In a joint venture, Waterford Property Co., The Vistria Group, and Northern Liberties have acquired the 395-unit Domain at Midtown Park near Royal Lane and U.S. 75 in Dallas. Starting immediately, rent rates for new, qualified residents will be restricted "to create stable workforce housing" as part of an agreement with the Dallas Housing Finance Corporation. "This is just the beginning of our focus on Texas,” Waterford Co-Founder Sean Rawson said.
