The Federal Home Loan Bank of Dallas said that $10 million in Affordable Housing Program grants are now available to support housing and community development for struggling borrowers and cities.
With this grant money, FHLBank member institutions have the opportunity to partner with local developers and community organizations seeking to build and renovate housing for low- to moderate-income American households.
These projects serve a wide range of neighborhood needs, such as living facilities for seniors, the disabled, homeless families, first-time homeowners and others with limited resources. More than 776,000 housing units have been built using AHP funds, including 475,000 units for very low-income residents.
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All eligible member institutions within the FHLB of Dallas district can access the $10 million AHP grant funds for their own programs or for those affiliated with nonprofit organizations, state or local governments, or for-profit developers.
AHP grant applications for the 2013 funding cycle will be accepted through the close of business on April 1. Applicants may apply for up to $500,000 in AHP funds per project.
“As the economy recovers, critical housing projects that were unable to receive funding during the financial crisis are being revisited,” said Terry Smith, president and CEO of FHLB Dallas. “AHP has always been a valuable source of gap funding for affordable housing projects in our members’ communities, and the bank is pleased to be able to provide $10 million in grant funds to assist meeting those needs.”
