The Federal Home Loan Bank of Dallas (FHLB Dallas) has announced $73.5 million in affordable housing grants to 53 projects across Arkansas, Colorado, Louisiana, Mississippi, New Mexico and Texas.
“Through the strength of our member institutions, we’re able to channel these funds into projects that directly address the housing needs of our communities,” Sanjay Bhasin, president and CEO of FHLB Dallas, said in a statement.
“Our Affordable Housing Program is one of the most powerful tools we have to respond, and we’re proud to support projects that will bring affordable, quality housing within reach for thousands.”
Each year, FHLB Dallas allocates at least 10% of its profits to affordable housing grants distributed through its member financial institutions.
This year’s grants — up to $1.75 million per project — will fund the construction or rehabilitation of more than 3,700 housing units, including rental, owner-occupied and transitional housing for individuals and families experiencing homelessness.
State-by-state funding includes:
- Texas — $45.64 million | 2,671 units
- Arkansas — $6.68 million | 267 units
- Louisiana — $10.94 million | 412 units
- Mississippi — $3.35 million | 140 units
- New Mexico — $5.43 million | 227 units
- Colorado — $1.5 million | 60 units
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