The bank’s annual subsidy funds new housing and upgrades to existing affordable housing stock.
The Federal Home Loan Bank of Dallas (FHLB) awarded over $28 million to affordable housing projects that will rehabilitate or build 2,677 units, reports Liz Carey in Financial Regulation News. The 43 projects are located in Arkansas, Louisiana, Mississippi, New Mexico and Texas.
As Carey explains, “Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP subsidies. Officials said this year’s subsidies of up to $850,000 per application went to 24 member institutions.” The subsidies fund new construction or the rehabilitation of existing affordable housing.
The FHLB Dallas “is a part of the Federal Home Loan Bank System, created by an Act of Congress and signed into law by President Herbert Hoover on July 22, 1932, to provide capital for mortgage funding during the Great Depression,” according to the bank’s website.
FULL STORY: More than $28M awarded for affordable housing in five states
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