$28M Awarded for Affordable Housing in Five US States

The Federal Home Loan Bank of Dallas (FHLB) announced it has awarded more than $28 million to 43 projects in five states—Arkansas, Louisiana, Mississippi, New Mexico, and Texas—as part of its Affordable Housing Program (AHP), Financial Regulation News reports. The subsidies will create new housing or rehabilitate existing homes totaling 2,677 housing units.

Arkansas member institutions received more than $6 million for 486 housing units; in Louisiana it was $6.5 million for 575 units; Mississippi received more than $2 million for 120 units; New Mexico received $830,000 for 93 units; and Texas member institutions got $12.8 million for 1,421 units.

“Affordable housing is a critical need for communities across the country,” FHLB Dallas president and CEO Sanjay Bhasin said. “This year, we are proud to provide AHP funds to increase the supply of affordable housing in our members’ communities, providing housing stability and uplifting local economies in the process.”

Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP subsidies. Officials said this year’s subsidies of up to $850,000 per application went to 24 member institutions. The subsidies can be used for the construction or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for the homeless.