AUSTIN, Texas--(BUSINESS WIRE)--Foundation Communities recently celebrated a ribbon cutting and grand opening of Laurel Creek, a $27.5 million affordable housing development in North Austin. The project was awarded a $750,000 Affordable Housing Program (AHP) subsidy in 2021 from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Foundation Communities, which provides affordable, attractive homes and free onsite support services to families with children, as well as veterans, seniors and individuals with disabilities, leveraged the funds to help offset construction costs at the $27.5 million 88-unit apartment complex.
“The Laurel Creek development displays Austin’s values and how we care for one another,” said Austin Mayor Steve Adler. “In 2018, we passed in a landslide the $250 million housing bond that funded this project and its 88 affordable housing units. There is still more to do, and we will continue to build communities like this one that helps preserve the people and diversity that keep Austin special.”
Walter Moreau, executive director at Foundation Communities, said the AHP funds helped create an impact for the residents Laurel Creek will serve.
“The AHP played an important role in this project,” said Mr. Moreau. “We are grateful to Wells Fargo and FHLB Dallas for supporting our mission and helping us complete the development’s construction.”
Tyler Smith, senior vice president, social impact and sustainability at Wells Fargo, said the AHP provided critical gap funding for the project.
“The AHP offered a win-win situation for both us and Foundation Communities,” said Mr. Smith. “We get to take part in creating affordable housing units for vulnerable populations while building and strengthening a relationship with such a critical community organization.”
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or 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 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units, including almost $7.5 million for 986 units in Texas.
Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has assisted nearly 60,000 households.
“Part of FHLB Dallas’ mission is to support affordable housing and community investment across our District,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “AHP supports a simple necessity that many of us take for granted — safe and affordable housing — and we are honored to partner with Wells Fargo to provide that to Laurel Creek’s residents.”
For more information about the AHP, visit fhlb.com/ahp.
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 $63.5 billion as of December 31, 2021, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.
