- March 02, 2018
Banks Provided Gap Funding to St. Jude, Inc. for $5.5 Million Renovation Project
DALLAS, TEXAS, March 2, 2018 — About 10 percent of Dallas' homeless residents will have a roof over their heads when a new supportive housing complex opens later this year, with the help of a $500,000 Affordable Housing Program (AHP) grant.
St. Jude, Inc. received the AHP grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Frost Bank, an FHLB Dallas member institution, for the renovation of a building that formerly served as a retirement apartment complex at the southeast corner of Josey and Forest lanes.
St. Jude, a member of the Catholic Housing Initiative, bought the property and is working with Catholic Charities of Dallas, which will operate the facility and provide a wide variety of social services to its residents. A collaborative network of several social service agencies will help identify the men and women who will become its initial residents.
"The AHP grant bridged the gap between hoping to get this project done and actually being able to get this project done," said Joe Dingman, treasurer of St. Jude, Inc.
The $5.5 million, 104-unit project, scheduled to open in June 2018, obtained additional funding from a variety of sources, including the city of Dallas and Dallas County.
The need for housing is critical, Mr. Dingman said. "We know there are about 1,000 people in the Dallas area who have been identified as homeless and need housing," he said. "They are today living under a bridge or someplace that is societally unacceptable. We'll be able to knock 10 percent off that number within the year."
Mr. Dingman said renovations are expected to begin this month and will include upgraded in-unit kitchens, refreshed finishes, a modernized common area, improvements to the building's mechanical, electrical and plumbing systems and improved landscaping and parking.
"As a Texas bank, the issue of homelessness in Texas is one of great importance to us," said Donna Normandin, senior vice president and CRA officer at Frost Bank. "Partnering with FHLB Dallas to award this grant to St. Jude is a great privilege and allows us to be a part of the solution."
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Frost Bank. AHP grants fund 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.
"AHP grants provide gap funding to bring projects like this across the finish line," said Greg Hettrick, FHLB Dallas first vice president and director of Community Investment. "Our partnership with Frost Bank makes all of this possible."
In 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
About Frost Bank
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $31.7 billion in assets at December 31, 2017. One of the 50 largest U.S. banks by asset size, Frost provides a full range of banking investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit http://www.frostbank.com.
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 $68.5 billion as of December 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 835 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
Federal Home Loan Bank of Dallas