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Texas is among five southern and southwestern states in line to receive $14 million in affordable housing grants for 2018.
Four Texas groups, including nonprofits and a housing authority, have been awarded $2.3 million by the Federal Home Loan Bank of Dallas to build or rehabilitate 556 housing units over the next three years.
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank system created by Congress in 1932, during the Depression.
It works with banks, credit unions, insurance companies, thrifts and community development financial institutions by providing loans and other credit products to about 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas.
The location of the Texas projects, the member organizations and the groups undertaking the projects are:
— Gregory, near Corpus Christi; Home Federal Bank; Gregory Housing Authority; Grant: $580,000 for 58 rental units
— Houston; Texas Capital Bank, N.A.; Harmony House, Inc.; Grant: $750,000 for 128 rental units
— Houston; Texas Capital Bank; Star of Hope Mission; Grant: $222,000 for 328 rental units
— Magnolia; Frost Bank, N.A.; Adult and Teen Challenge of Texas; Grant: $750,000 for 42 rental units
Among the five states, Mississippi groups got the most funding: $6.2 million to build or rehab nearly 900 units.
Last year, $7 million in affordable housing program grants were given to projects in Arkansas, Louisiana, Mississippi and Texas. That money was used to create or rehabilitate 1,108 housing units, according to Greg Hettrick, vice president and director of community investment for the Federal Home Loan Bank of Dallas.
No projects in New Mexico were awarded grants in 2017.
In 2016, nearly $7.8 million in grants went to 27 projects, primarily in the five-state district.
The Dallas home loan bank annually returns 10 percent of its profits in the form of affordable housing grants to the communities served by its member institutions.
The funding is used for a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing-cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
FHLB Dallas raises money by issuing debt instruments in the capital markets. Known as consolidated obligations, the debt is the obligation of the 11 FHLBanks.