Dallas now boasts a new LGBTQIA+-friendly affordable apartment complex, made possible by a $750,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas), awarded through its member, Veritex Community Bank. The grand opening of Oak Lawn Place apartments was celebrated today.
“Our long-standing relationship with FHLB Dallas and the AHP provided a great opportunity to support a much-needed affordable housing development,” said Veritex Senior Vice President and Community Development Officer Courtney Taylor.
Oak Lawn Place offers 84 apartment units for individuals aged 55 and older, with specific support for the LGBTQIA+ community. The grant was awarded to Resource Center of Dallas, an organization that began in 1983 as a grassroots service for people with HIV/AIDS and has since expanded to provide a broader range of LGBTQIA+ services.
“The generous $750,000 AHP grant provided through FHLB Dallas was a critical component of the capital stack that helped provide the necessary funding for Resource Center to create Oak Lawn Place, a welcoming residential development that we are proud to bring to Dallas,” said Cece Cox, CEO of Resource Center of Dallas.
AHP grants support various projects, including home rehabilitation, modifications for low-income, elderly, and special-needs residents, down payment and closing cost assistance for first-time homebuyers, and the construction of low-income multifamily and single-family homes. Next month, FHLB Dallas will announce nearly $100 million in AHP grants to finance affordable housing projects.
All FHLB Dallas grants are distributed through member institutions like Veritex Community Bank. “Our long-standing relationship with FHLB Dallas and the AHP provided a great opportunity to support a much-needed affordable housing development,” Taylor added.
The new complex is designed to help older residents age in place and will feature amenities such as meeting rooms, a fitness center, a dog park, onsite activities, and more. It offers easy access to healthcare facilities, public transportation, and entertainment, with rent based on income.
“This is an example of affordable housing designed to meet a particular need in Dallas, and we were pleased to work with our member, Veritex Bank, to assist with the AHP grant, which is known for providing critical gap funding to complete projects,” said Greg Hettrick, Senior Vice President and Director of Community Investment at FHLB Dallas.
About Veritex Community Bank
Veritex Community Bank is a mid-sized community bank providing a full suite of banking products and services. Headquartered in Dallas, Texas, with branches in Houston, Fort Worth, and Dallas, the bank has total assets of over $12 billion. Veritex specializes in depository and credit services for small to mid-sized businesses, a market often overlooked by national banks.
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. With total assets of $126.2 billion as of June 30, 2024, FHLB Dallas is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 815 members and associated institutions across Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit fhlb.com.
