A $476K Affordable Housing Program grant from Wells Fargo and FHLB Dallas provided gap funding for the construction of Glenoak Apartments, a 68-unit affordable housing apartment complex in Corpus Christi, Texas. (Photo: Business Wire)
CORPUS CHRISTI, Texas–(BUSINESS WIRE)–Local dignitaries today joined representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas), Wells Fargo, and Prospera Housing Community Services for the ribbon cutting and grand opening of the Glenoak Apartments in Corpus Christi’s Flour Bluff neighborhood. The $15 million project was awarded a $476,000 Affordable Housing Program (AHP) grant in 2015 from FHLB Dallas and Wells Fargo, which provided gap funding for the development of the 68-unit complex.
A $476K grant from Wells Fargo and @FHLBDallas funded the construction of the Glenoak Apartments, a 68-unit apartment complex in Corpus Christi, Texas.
“The AHP is a valuable community investment tool that we are proud to utilize for projects such as this,” said Shelly Whitlock, Wells Fargo coastal bay district manager. “It’s a win-win situation because our community partnerships are strengthened through the AHP and we are helping to create affordable housing opportunities to local in-need residents.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Wells Fargo. AHP grants fund 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.
“We are grateful to FHLB Dallas and Wells Fargo for their roles in this important project,” said Gil Piette, executive director and CEO at Prospera Housing Community Services. “The gap funding provided by the AHP grant was an important component to completing this project.”
This year, FHLB Dallas awarded $7 million in AHP grants to 19 projects that will result in 1,108 new or renovated housing units in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
“A cornerstone of FHLB Dallas’ mission is to support affordable housing and community investment in communities served by our members,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “The AHP supports a basic need that many of us tend to take for granted – affordable and safe housing – and we are proud to partner with Wells Fargo on this project.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through more than 8,300 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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 $68.5 billion as of December 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 835 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.