Federal Home Loan Bank of Dallas and Wells Fargo Bank Award $850K for Rio Manor Apartments Renovation
March 28 2024 - 2:50PM
Business Wire
Funds will add 12 Units and Multiple
Upgrades
Prospera Housing Community Services (Prospera) was awarded an
$850,000 Affordable Housing Program (AHP) grant from the Federal
Home Loan Bank of Dallas (FHLB Dallas) through its member Wells
Fargo, to help fund the renovation of Rio Manor Apartments, a
60-unit multifamily apartment community in Del Rio, Texas.
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Representatives from organizations
involved in the project break ground for Rio Manor Apartments
additions in Del Rio, Texas. (Photo: Business Wire)
A ceremonial groundbreaking project was held last week to
celebrate. Twelve units and multiple upgrades will be added. The
complex is designed to be affordable housing, with rent based on a
resident’s ability to pay as required by HUD regulations. The AHP
grant is part of $28.4 million in AHP grants that FHLB Dallas
awarded in 2023.
“Our mission at Prospera is to give families a brighter future
with quality, affordable housing,” said Jacque Woodring, executive
director and CEO at Prospera. “This extensive renovation will give
families a place they can feel proud to call home.”
Several amenities will be added, such as a community center, a
business center equipped with computers and Wi-Fi, a swimming pool,
modernized living areas with ceiling fans, central heat/air, onsite
laundry, a picnic area and surface parking.
AHP funds assist FHLB Dallas members in financing the purchase,
construction and rehabilitation of owner-occupied, rental or
transitional housing and housing for homeless individuals. The
funds must be used to benefit households with incomes at or below
80 percent of the median income for the area.
“Chelsea Investment Corporation is an industry leader providing
much-needed affordable housing for seniors in Rio Rancho,” said
Christian von Merkatz, director in Community Lending and Investment
at Wells Fargo. “Wells Fargo is proud and honored to be the
construction lender on this impactful project.”
In 2023, FHLB Dallas awarded $28.4 million in AHP grants to 43
affordable housing projects. The grants will help create 2,677 new
or rehabilitated housing units. In 2024, $79.4 million has been
allocated for the AHP General Fund. Learn more about the FHLB
Dallas Affordable Housing Program.
“Rising housing costs and interest rates have made homeownership
unattainable for a large percentage of the population,” said Greg
Hettrick, senior vice president and director of Community
Investment at FHLB Dallas. “It’s great to see the AHP funds used
toward a renovation that will help Del Rio residents live
affordably and comfortably.”
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 $128.3 billion as of December 31, 2023, is a
member-owned cooperative that supports housing and community
development by providing competitively priced loans and other
credit products to approximately 800 members and associated
institutions in Arkansas, Louisiana, Mississippi, New Mexico and
Texas. For more information, visit Federal Home Loan Bank of
Dallas.
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Corporate Communications Federal Home Loan Bank of Dallas
fhlb.com (214) 441-8445