DALLAS, TEXAS, November 15, 2021 — The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that, in partnership with its member financial institutions, it has awarded $18.5 million in Affordable Housing Program (AHP) subsidies to 26 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. The subsidies will result in the creation or rehabilitation of 2,113 housing units.
“FHLB Dallas member institutions play an important role in financing affordable housing initiatives in their communities,” said FHLB Dallas President and CEO Sanjay Bhasin. “The AHP allows our members to provide millions of dollars across our District to improve living conditions for those who need it most.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP subsidies to the communities served by its member institutions. AHP funding is utilized for a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing-cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
Between 1990 and 2020, FHLB Dallas awarded more than $323 million through AHP and Homeownership Set-Aside Programs, such as a down payment assistance program, a home repair and modification program geared toward seniors and others with disabilities and a disaster recovery program to help more than 57,000 households.
Beatrice Kelly, Comerica Bank senior vice president & director of Community Development Lending, said the bank has benefited from the program for several years.
“Comerica Bank is honored to be part of the Affordable Housing Program as we work to raise expectations and make impactful investments in the communities we serve through strategic partnerships,” Ms. Kelly said. “As a longtime member of FHLB Dallas, we have helped create economic opportunity in areas that need our support. We are grateful for the program and its ongoing commitment to advancing financial inclusion.”
Below is Comerica's 2021 AHP subsidy. For more information about the 2021 AHP subsidies and other FHLB Dallas community investment products and programs, visit fhlb.com/ahp.
Member: Comerica Bank
Sponsor: Mountain Top Development
Subsidy: $750,000 for 205 rental units
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 $60.2 billion as of September 30, 2021, 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 our website at fhlb.com.