More Than $2M in Affordable Housing Program Grants Awarded in Congressman French Hill’s District
03 Julio 2024 - 2:00PM
Business Wire
Funds Will Assist Four Projects Fulfilling the
Need for Affordable Housing Across Population Segments
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.
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U.S. Representative French Hill. (Photo:
Business Wire)
“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.
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Corporate Communications Federal Home Loan Bank of Dallas
fhlb.com (214) 441-8445