Federal Home Loan Bank provides $1 million to Gravette housing project

The Federal Home Loan Bank of Dallas recently awarded a $1 million grant to a 40-unit senior housing development in Gravette.

Spavinaw Creek Senior Housing received the grant as part of nearly $100 million in funding for the bank’s Affordable Housing Program grants and three homeownership grant programs. The bank awarded $78.9 million in Affordable Housing Program grants to 41 projects in its five-state district that includes Arkansas.

Willard, Mo.-based Upward Housing Group is the developer of the $7.3 million project. It will be built on over 4 acres at 501 Dallas St. SW in Gravette and comprise a mix of one- and two-bedroom units for residents at least 55 years old. The development will border apartments to the east and single-family homes to the west. Amenities include a clubhouse for meetings and parties, computers and Wi-Fi access, and a book exchange library.

Matt Darst, principal of Upward Housing Group, said the 32,000-square-foot development is under construction and should open by summer 2025. Leasing information is available by calling 479-721-9440. Sixty percent of total units will be for incomes at or below 50% of the area median income, and the remainder will be for those at 60% and below the area median income.

“Access to affordable housing continues to be one of our nation’s most pressing needs and a key focus for us,” said Sanjay Bhasin, president and CEO of Federal Home Loan Bank of Dallas. “Providing these grants through our member institutions will result in positive impacts for individuals and families for years to come.”

The bank annually returns 10% of its profits through grants to communities served by its member institutions. Grants up to $2 million were provided this year, up from $850,000 per grant in 2023. The bank is one of 11 district banks in the Federal Home Loan Bank System, which Congress created in 1932. As of Sept. 30, Federal Home Loan Bank of Dallas had total assets of $124.9 billion.