The Federal Home Loan Bank of Dallas' Affordable Housing Program celebrated its 25th anniversary on July 16.
Since its inception in 1990, the AHP from FHLB Dallas has provided more than $237 million in funds to 44,000 families across the bank's five-state district of Arkansas, New Mexico, Mississippi, Louisiana and Texas. In particular, the funding helped low- to moderate-income families and individuals with their housing needs.
"FHLB Dallas is truly honored to be part of the affordable housing solution across our District," said Sanjay Bhasin, president and chief executive of FHLB Dallas. "We look forward to a continued effort in the coming years to benefit communities across our membership."
FHLB Dallas provides the money through the AHP in two ways: One is competitive grant program for purchases, construction or rehabilitation of owner-occupied and rental housing, while the other is through set-aside grants offered on a first-come, first-served basis. The funds are awarded through FHLB Dallas' 865 member and associated financial institutions.
The AHP funds also go toward two additional programs: the Homebuyer Equity Leverage Partnership and the Special Needs Assistance Program. HELP provides income-qualified, first-time homebuyers to fund down payments and closing costs, while SNAP provides special-needs homeowners with money for repairs and modifications. Altogether, $15.2 million and $9.1 million has been awarded through HELP and SNAP respectively since they were established.
