LITTLE ROCK, Ark.--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to award $2 million in Affordable Housing Program grants in U.S. Representative French Hill’s district to increase the supply of affordable housing stock for individuals and families in need.
“These generous grants awarded to my district in Affordable Housing Program (AHP) funding will further support these important housing organizations as they assist central Arkansans with the most basic necessity — a safe roof over their heads,” said Representative Hill. “I applaud the Federal Home Loan Bank of Dallas for their long-standing, successful partnership with our community banks to ensure affordable housing access for our families who need it most.”
AHP grants 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 area median income. The following projects in Congressman Hill’s district received AHP grants:
- CLI Property Rehabilitation Project: Community Living Inc. received $540,000 through Encore Bank for the renovation and repair of six rental homes in Little Rock, Arkansas, with the aim of providing affordable housing for individuals with developmental disabilities.
- University District Rental Phase 1: The University District Development Corp. received $390,000 through Cadence Bank to provide affordable rentals to households with special needs in Little Rock, Arkansas.
- The Station Youth Shelter: Immerse Arkansas has been awarded $225,000 through Arvest Bank to establish a youth-focused, trauma-informed temporary shelter for runaway and homeless youth aged 18-24 in Little Rock, Arkansas. This will be the state's first facility dedicated solely to young adults.
- The Residences at Pettaway: The Downtown Little Rock Community Development Corp. received $850,000 through Simmons Bank. This funding will support the creation of 108 affordable housing units in Little Rock, Arkansas, for families and senior citizens earning at or below 60 percent of the area median income.
“We are thankful for Congressman Hill’s support for affordable housing initiatives and believe these four grants will make a positive impact on the residents of Little Rock,” said Bre Chapman, executive vice president and chief ESG and administrative officer at FHLB Dallas.
In 2023, FHLB Dallas awarded $28.4 million in AHP grants to 43 affordable housing projects to help create 2,677 new or rehabilitated housing units in its District, which includes Arkansas.
This year, $99.4 million has been allocated for AHP and Homeownership set-aside grants, which also help first-time homebuyers, special-needs households such as the disabled and homeowners impacted by disasters. Learn more about the FHLB Dallas Affordable Housing Program.
About Congressman Hill
A ninth-generation Arkansan, Congressman French Hill has represented Arkansas’s Second Congressional District since January 2015. He serves as the Vice Chairman of the House Financial Services Committee and as Chairman of the new subcommittee tasked with overseeing all areas related to digital assets and financial technology. Prior to his congressional service, he was founder, Chairman and Chief Executive Officer of Delta Trust & Banking Corporation.
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 $125.1 billion as of March 31, 2024, 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 Federal Home Loan Bank of Dallas.
