Veritex Community Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) subsidy to Resource Center of Dallas (Resource Center) to build affordable apartments that are welcoming and affirming for lesbian, gay, bisexual, transgender and queer/questioning (LGBTQ) older adult residents.
Resource Center has partnered with Volunteers of America to develop the $20.5 million project.
It will provide 84 units of high-quality affordable rental housing for residents above the age of 62, with a further goal of creating a supportive environment for members of the LGBTQ community and individuals affected by HIV in Dallas. It will be located near Maple Avenue and Mockingbird Lane in Dallas.
With this project, North Texas LGBTQ older adults, including the LGBTQ community, will have access to a safe, affordable and welcoming place to call home, said Resource Center CEO Cece Cox. We are thankful for Veritex Banks and FHLB Dallas funding toward making this a reality.
To date, more than $1 million has been raised in Resource Centers $4 million capital campaign for the project. Additional funding will come from state and federal sources along with private mortgage financing.
We are proud of our long-standing relationship with FHLB Dallas and appreciate the opportunity to partner with them and Resource Center of Dallas to provide affordable housing to older adults. Working with leaders like the FHLB Dallas, Resource Center and its partners is an example of how we are dedicated to serving our community, Veritex Community Banks Vice President of Community Lending Lorrie Cantrell said.
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
For 2020, FHLB Dallas awarded $19.3 million in subsidies to 38 affordable housing projects. The funds will help create 2,749 new or rehabilitated housing units. Included in that total is $10.2 million in subsidies for 1,475 units of housing in Texas.
Since the AHPs inception in 1990, FHLB Dallas has awarded more than $323 million in AHP and Homeownership Set-Aside Programs and has assisted more than 57,000 households.
This project will provide high-quality rental units in a supportive and nurturing environment at a time when the supply of affordable housing is critically short, said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
For more information about the AHP, visit fhlb.com/ahp.
About Veritex Community Bank
Veritex Community Bank is a mid-sized community bank serving its customers with a full suite of banking products and services. The bank has over 40 branch locations in Houston, Fort Worth and Dallas, Texas, with total assets of over $8 billion. The bank, headquartered in Dallas, Texas, specializes in providing depository and credit services to small- to mid-size businesses, which have been largely neglected by national banks. The name Veritex is derived from the Latin word veritas, meaning truth, and Texas.
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 $66.3 billion as of September 30, 2020, 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.
Federal Home Loan Bank of Dallas