The Federal Home Loan Bank of Dallas has awarded $19.3 million in Affordable Housing Program (AHP) subsidies to 38 projects in Arkansas, Louisiana, Mississippi, New Mexico and Texas. The subsidies will result in the creation or rehabilitation of 2,749 housing units.
$645,000 will be utilized for projects in Marvell and Mountain Home, Arkansas.
“The funding announced today will go a long way toward meeting the housing needs across the district. We are grateful for our participating member institutions that have made affordable housing a priority,” said FHLB Dallas President and CEO Sanjay Bhasin.
FHLB Dallas annually returns 10% of its profits in the form of AHP subsidies to the communities served by its member institutions. AHP funding is utilized for a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing-cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
In Arkansas, the 2020 AHP subsidies are for the following banks and projects:
Arkansas: $645,000 for 63 units
Member: Southern Bancorp Bank
Sponsor: Boys, Girls, Adult Community Development Center
Subsidy: $170,000 for 17 Rental units
Member: First Security Bank
Sponsor: Promenade Apartments, an Arkansas LP
Subsidy: $475,000 for 46 Rental units