Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas) gathered with Prospera Housing Community Services (Prospera) and the Weslaco Chamber of Commerce to celebrate the grand opening of Weslaco Village Apartments. This project received significant support from a $750,000 Affordable Housing Program grant awarded by FHLB Dallas through its member, Wells Fargo.
“Weslaco Village Apartments has been an exciting project for us,” stated a representative. “We consider Prospera an industry leader in providing affordable housing and have collaborated with them multiple times.”
The Weslaco Village Apartments underwent an extensive $18.9 million reconstruction, enhancing unit energy efficiency, ensuring compliance with the Americans with Disabilities Act, and improving overall living conditions in the more than 40-year-old property.
The Affordable Housing Program (AHP) grant played a crucial role in financing the project’s successful completion.
These apartments cater to extremely low-income residents, with 74 percent of tenants being female heads of households and 45 percent under the age of 18, according to Jacque Woodring, executive director and CEO of Prospera.
“This reflects the reality of affordable housing today, where many families survive on an annual income of $36,000 or less,” she explained. “Today’s grand opening provides South Texas families with a place they can truly call home, and the AHP grant was essential for making this project a reality.”
The AHP funds are designed to assist FHLB Dallas members in financing the purchase, construction, and rehabilitation of owner-occupied, rental, or transitional housing, as well as housing for homeless individuals. The funds are specifically targeted to benefit households earning at or below 80 percent of the median income for the area.
“We value our collaboration with Prospera, an established leader in affordable housing,” said Misty Ramsey-Clark, vice president and Community Lending and Investment Real Estate manager at Wells Fargo. “We take pride in partnering with them and FHLB Dallas to provide high-quality affordable housing in South Texas.”
In 2023, FHLB Dallas awarded $28.4 million in AHP grants to 43 affordable housing projects, facilitating the creation of 2,677 new or rehabilitated housing units. This year, the bank has allocated $79.4 million in Affordable Housing Program General Fund grants, with award recipients set to be announced later this year. For more information, visit the Community Programs section.
“Our Affordable Housing Program General Fund, which will distribute over $79 million in grants across our five-state District this year, is making a meaningful impact in South Texas, where the need for affordable housing is significant,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. The three organizations also collaborated on the renovation of Rio Manor in Del Rio, Texas, which celebrated its groundbreaking earlier this year.
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, established by Congress in 1932. As of June 30, 2024, FHLB Dallas has total assets of $126.2 billion and is a member-owned cooperative that supports housing and community development by providing competitively priced loans and credit products to approximately 800 members and affiliated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.
