25 Years and $237 Million in the Making
FHLB Dallas' Affordable Housing Program Celebrates Quarter Century
DALLAS, July 16, 2015 /PRNewswire-USNewswire/ -- The Affordable Housing Program (AHP) from the Federal Home Loan Bank of Dallas (FHLB Dallas) turns 25 years old today. The grant program, funded solely through FHLB Dallas profits, has assisted more than 44,000 families with their affordable housing needs, primarily across the Bank's five-state District of Arkansas, New Mexico, Mississippi, Louisiana, and Texas.
FHLB Dallas' investment in the AHP totals more than $237 million since 1990. The funds address the housing needs of very low- to moderate-income individuals and families.
"There is no place immune to the need for affordable housing," said Sheila Crowley, president and CEO of the National Low-Income Housing Coalition in Washington D.C. "Extremely low-income renter households currently total 10.3 million, and yet nationwide, only 3.2 million affordable rental units are available to them."
The AHP has two components: a competitive grant program and set-aside grants, which are offered on a first-come, first served basis. The competitive grant funds are used to purchase, construct, or rehabilitate owner-occupied and rental housing.
FHLB Dallas awards AHP grants annually through its member institutions, and many times in partnership with community-based organizations. Nonprofits and other qualified organizations apply for the competitive grants annually through a participating FHLB Dallas member institution. FHLB Dallas has approximately 865 member and associated financial institutions.
In the quarter century since the AHP began, the 11 Banks in the FHLBank System, through their member institutions, have awarded more than $4.4 billion for the purchase, construction, or rehabilitation of more than 724,000 housing units.
Yet at 25, the AHP is in its youth compared to the FHLBank System, which turns 83 this year. The Federal Home Loan Bank Act was signed into law on July 22, 1932, by President Herbert Hoover to provide liquidity to member institutions and support housing finance and community investment.
HELP and SNAP at a Glance
A portion of FHLB Dallas' AHP funds are set aside each year for two additional, housing-related programs. The Homebuyer Equity Leverage Partnership (HELP) provides income-qualified, first-time homebuyers with down payment and closing cost assistance. The Special Needs Assistance Program (SNAP) assists income-qualified, special-needs homeowners with necessary repairs and modifications. Homeowners work directly with participating FHLB Dallas members to submit applications.
Of the $237 million of AHP funds, $15.2 million has been utilized for the HELP program since its establishment by FHLB Dallas in 2002. Similarly, $9.1 million has been contributed to the SNAP program since it was created by FHLB Dallas in 2009.
"FHLB Dallas is truly honored to be part of the affordable housing solution across our District," said Sanjay Bhasin, president and CEO of FHLB Dallas. "It's by design that FHLB Dallas works in partnership with our member financial institutions to support affordable housing and community investment at the local level. We look forward to a continued effort in the coming years to benefit communities across our membership."
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 $36.9 billion as of March 31, 2015, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.
Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445
Photo - http://photos.prnewswire.com/prnh/20150716/237814
Logo - http://photos.prnewswire.com/prnh/20150126/171462LOGO
SOURCE Federal Home Loan Bank of Dallas
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article