Affordable apartments specifically designed for the LGBTQ community are coming to Dallas thanks to a $750,000 subsidy from Veritex Community Bank and the Federal Home Loan Bank of Dallas.
The funding was given to the Resource Center of Dallas so it can create a supportive environment for older lesbian, gay, bisexual, transgender, and queer/questioning locals and those affected by HIV. In partnership with the Volunteers of America, the Resource Center is developing the $20.5 million project near Maple Avenue and Mockingbird Lane.
“With this project, North Texas’ LGBTQ older adults, including the LGBTQ community, will have access to a safe, affordable and welcoming place to call home,” Resource Center CEO Cece Cox said. “We are thankful for Veritex Bank’s and FHLB Dallas’ funding toward making this a reality.”
The project plans include 84 units of high-quality rental housing for residents above the age of 62. The Resource Center said its intent is to make the complex fairly priced and affirming to the LGBTQ community.
So far, it has raised more than $1 million of a $4 million capital campaign for the project, but a press release stated that more funding will come from state and federal sources and private mortgage financing.
“We are proud of our long-standing relationship with FHLB Dallas and appreciate the opportunity to partner with them and Resource Center of Dallas to provide affordable housing to older adults,” Veritex Community Bank VP of Community Lending Lorrie Cantrell said in a statement. “Working with leaders like the FHLB Dallas, Resource Center and its partners is an example of how we are dedicated to serving our community.”
The money from Dallas-headquartered Veritex Community Bank and the Federal Home Loan Bank of Dallas (FHLB) comes by way of an Affordable Housing Program (AHP) subsidy.
AHP funds are meant to help FHLB members finance the purchase, construction, and/or rehabilitation of owner-occupied, rental, or transitional housing and housing for homeless individuals. However, they must be used to benefit households with incomes at or below 80 percent of the area’s median income.
Since the program started in 1990, FHLB Dallas has given more than $323 million in AHP and Homeownership Set-Aside Programs, assisting more than 57,000 households.
Last year, FHLB Dallas awarded 38 affordable housing projects with subsidies for 2,749 housing units, which amounted to $19.3 million. Of that total, $10.2 million in subsidies went to 1,475 units of housing in Texas.
“This project will provide high-quality rental units in a supportive and nurturing environment at a time when the supply of affordable housing is critically short,” Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said in a statement.
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