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  • May 10 2024
  • Texas

Affordable Housing Funds Give Life to Aging Apartment Complex

Residents at Rio Manor Apartments are about to see some big changes.

The Federal Home Loan Bank of Dallas (FHLB Dallas) provided an $850,000 Affordable Housing Program grant for 12 new units and multiple upgrades to existing units at an affordable housing complex in Del Rio, Texas.

Several amenities will be added including a community center, a business center equipped with computers and Wi-Fi, a swimming pool and modernized living areas. 

“Creating access to affordable housing is at the core of our mission,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.

AHP funds assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

In this case, the funds were provided through FHLB Dallas member Wells Fargo.

The complex will have rent based on a resident’s ability to pay.

“Our mission at Prospera is to give families a brighter future with quality, affordable housing,”said Jacque Woodring, executive director and CEO at Prospera, the project’s developer. “This extensive renovation will give families a place they can feel proud to call home.”

Learn more about the FHLB Dallas Affordable Housing Program.

Do you have a success story using FHLB Dallas programs? We would love to hear from you! Submit your story here.

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