Revitalization Project Transforms San Antonio Neighborhood with Affordable Housing Investment Backed by FHLB Dallas and Wells Fargo
In a powerful display of public-private collaboration aimed at enhancing affordable housing access, the Federal Home Loan Bank of Dallas (FHLB Dallas), Wells Fargo, and the nonprofit organization PROSPERA Housing Community Services have officially unveiled the newly redeveloped Arbors at West Avenue in San Antonio, Texas. With the support of a $750,000 grant from FHLB Dallas’s flagship Affordable Housing Program (AHP), this initiative not only preserved but dramatically upgraded and expanded a critical affordable housing complex in the city’s Dell View neighborhood.
The comprehensive project, led by PROSPERA and supported by community leaders and development partners, involved the deep rehabilitation of 150 aging affordable housing units and the complete demolition and reconstruction of an additional 84 units. The result: 234 modern, well-equipped apartments now serve low- to moderate-income families, creating a healthier, safer, and more vibrant community within a historically underserved area.
Affordable Housing as a Catalyst for Community Impact
“This project is a testament to what’s possible when mission-driven organizations come together to make a difference,” said Bruce Hatton, Vice President and Community Marketing and Outreach Manager at FHLB Dallas. “It’s not just about buildings — it’s about building better lives.”
That sentiment was echoed throughout the ribbon-cutting celebration, attended by local officials, project partners, and residents of the revitalized complex. Hatton emphasized that initiatives like the Arbors at West Avenue are at the heart of the FHLB’s mission to support housing stability and economic mobility, especially in high-need areas like San Antonio.
For many of the families moving into the updated units, the transformation goes beyond fresh paint and modern appliances. The renovated complex now features essential infrastructure upgrades such as improved plumbing and electrical systems, enhanced ADA accessibility, upgraded HVAC units for energy efficiency, and newly designed communal spaces. These improvements are designed not only to elevate the quality of life but also to ensure the long-term sustainability of the development.
A Holistic Vision for Housing Stability
Jacque Woodring, Executive Director and CEO of PROSPERA, called the redevelopment a significant milestone in the organization’s longstanding mission to empower communities through affordable housing.
“This renovation is about more than construction — it’s about providing high-quality affordable housing with support services to the families who live here,” said Woodring. “We’re proud to lead this effort and are grateful for the partnerships and support that make meaningful change possible for our residents.”
As a nonprofit affordable housing developer with decades of experience in Texas, PROSPERA focuses on integrated services that support resident wellbeing, including financial literacy programs, educational workshops, and access to on-site resources. The Arbors at West Avenue project reflects that commitment, providing not just housing but also the supportive services necessary to help families break cycles of poverty and achieve long-term stability.
The Role of Wells Fargo and FHLB Dallas
The $750,000 grant that helped make the Arbors project possible came through FHLB Dallas member Wells Fargo, a long-time advocate of equitable housing initiatives. For Wells Fargo, this partnership represents a tangible demonstration of its broader mission to create stronger, more resilient communities through strategic investment and corporate citizenship.
“We’re proud to support PROSPERA’s efforts to create safer, more livable homes for families in San Antonio,” said Patty Parina, Vice President and Relationship Manager at Wells Fargo. “This project reflects our commitment to strengthening communities and advancing housing equity where it’s most needed.”
The grant was part of FHLB Dallas’s 2024 Affordable Housing Program General Fund, which awarded $78.9 million in grants to 41 projects across its five-state district of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Collectively, those grants are expected to create or rehabilitate 3,571 affordable housing units — a critical contribution to addressing the persistent shortfall in safe, affordable housing across the southern United States.
Under AHP guidelines, funds must benefit households earning at or below 80 percent of the area median income (AMI). The Arbors at West Avenue redevelopment meets that criteria, targeting families most vulnerable to rising rents and housing displacement in San Antonio’s competitive housing market.
San Antonio’s Affordable Housing Challenge
Like many fast-growing metropolitan areas, San Antonio faces significant challenges in ensuring access to affordable housing. The city’s combination of rapid population growth, rising real estate prices, and insufficient housing stock has left many families struggling to secure stable, affordable living arrangements.
According to recent data, over 45% of renters in San Antonio are considered cost-burdened, meaning they spend more than 30% of their income on housing. For lower-income households, that burden is often far higher, putting strain on other essential expenses like food, transportation, and healthcare.
Efforts like the Arbors at West Avenue revitalization offer a much-needed counterbalance to these pressures, increasing the supply of high-quality, affordable housing and helping neighborhoods retain economic diversity. Importantly, such projects also offer a model for how mission-aligned organizations can effectively pool resources and expertise to tackle complex housing issues at scale.
FHLB Dallas: A Long-Term Commitment to Housing and Community Development
The Federal Home Loan Bank of Dallas, part of the 11-district FHLBank System established by Congress in 1932, operates as a member-owned cooperative providing reliable liquidity to approximately 800 financial institutions across its five-state region. With $127.7 billion in assets as of December 31, 2024, the bank plays a critical role in supporting affordable housing and economic development through various credit and grant programs.
Its Affordable Housing Program remains one of the most impactful, having awarded more than $350 million in AHP grants since its inception. These grants not only help create or preserve affordable housing units but also enable banks, nonprofits, and housing developers to leverage additional financing and expand their reach.
“Our work is rooted in the belief that stable housing lays the foundation for stronger families, healthier communities, and inclusive economic growth,” said Hatton. “We thank Wells Fargo and PROSPERA for their unwavering commitment to this project, which reflects our shared dedication to improving lives through meaningful community investment.”
A Blueprint for the Future
The Arbors at West Avenue redevelopment stands as a testament to what is possible when aligned values, robust public-private collaboration, and community-centered design converge. It also offers a clear blueprint for how to scale similar affordable housing investments in other regions experiencing economic disparities and housing insecurity.
As city planners, financial institutions, and housing advocates across the country look for ways to address the ongoing housing crisis, the lessons of this project — from its inclusive planning process to its funding structure and community support — offer valuable insights.
In the end, the true measure of success for the Arbors project lies in the experiences of the residents who now call it home: families living in dignity, children learning in safe environments, and seniors enjoying the stability they deserve.
For those residents and the many who contributed to this effort, the message is clear — affordable housing isn’t just about buildings. It’s about the lives that flourish within them.
