Federal Home Loan Bank of Dallas Awards $8.4 Million in Affordable Housing Grants

Last month, the Federal Home Loan Bank of Dallas (Bank) announced that it has awarded $8.4 million in Affordable Housing Program (AHP) grants to 39 projects located in Arkansas, Louisiana, Mississippi and Texas. These AHP grants will help create or renovate 1,170 housing units in its district.  The awards included $2,496,673 for 366 units for Arkansas, $484,000 for 64 units for Louisiana, $3,785,000 for 499 units for Mississippi and $1,679,000 for 241 units in Texas.

FHLB Dallas

The senior housing projects that were announced as part of the award include:

  • An award to the Northwest Regional Housing Development Corporation for a $430,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (Bank) supported by  Arvest Bank in Lowell, Arkansas.  The AHP grant will be used toward the construction of Maple Esplanade, a 50-unit supportive living development targeting low- and moderate-income elderly individuals in northwest Arkansas.  The facility will offer supportive services to seniors, who are able to live independently, but need assistance with some of their daily activities.  The project also receives low-income housing tax credits, which will assist in keeping the rent affordable for the seniors.
  • An award for a $427,000 Affordable Housing Program (AHP) grant was given to a project to convert a historic building in Hot Springs, Arkansas, into a senior living apartment complex that was also sponsored by the Bank of the Ozarks.  The AHP funds will be used toward costs to rehabilitate the historic Woodmen of Union Building and convert it into senior living apartments.  Woodmen Building Senior Living Apartments is an approximately $7 million project that will contain 61 one- and two-bedroom apartments for very low- to low-income seniors, with about 20 percent of the units set aside for the homeless.  The historic building once held the first African-American spa in Hot Springs, Arkansas, during the time the city was segregated.  It was vacant for 25 years and was on the verge of demolition when Baxter & Brown LLC, in Lewisburg, Tennessee, bought the building in 2001.  The developers teamed up with People Helping Others Excel By Example (PHOEBE), a community empowerment organization, to revitalize the building.
  • The Flagship United Community Development Corporation (FUCDC) received a $500,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (Bank) on behalf of Hancock Bank in Waveland, Mississippi.  This grant will be used for the construction of Oak Haven Apartments, a 80-unit duplex and four-plex apartment community for elderly residents. The community will provide a safe, accessible environment with various social and recreational programs. Preventative health care programs, transportation to nearby facilities and dining space will also be available to the residents. Of the 80 units, 41 will replace lost public housing and 39 will be available for rent to individuals who have incomes up to 50 percent of the area median income. The project is expected to be completed in fall 2009.  FUCDC was established after Hurricane Katrina to focus on areas substantially damaged by hurricanes.