Representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas), in partnership with Frost Bank, awarded $1.5 million in Affordable Housing Program (AHP) grants to Mobile Loaves & Fishes, a Christian social outreach ministry based in Austin, Texas. These grants funded the first two phases of Community First! Village, a multi-phase project aimed at providing affordable, permanent housing for the chronically homeless in Austin. On Thursday, representatives from FHLB Dallas toured the latest phase of the development.
Community First! Village spans 51 acres in northeast Travis County and currently houses over 370 formerly homeless residents. Once completed, it will accommodate more than 500 residents.
“We are grateful for such a generous gift from our friends at FHLB Dallas and Frost Bank,” said Tracee Henneke, Director of Relationships & Giving at Mobile Loaves & Fishes. “Now that this part of our Community First! Village development is fully operational, we are eager to continue serving our neighbors experiencing homelessness by helping more of our friends move off the streets and into permanent homes and a supportive community every day.”
AHP grants assist FHLB Dallas members in financing the purchase, construction, and rehabilitation of housing for owner-occupants, rentals, and transitional housing for the homeless. Funds must benefit households with incomes at or below 80 percent of the area median income.
“This affordable housing development exemplifies the collaboration between financial institutions and nonprofits to create affordable housing for underserved communities,” said Greg Hettrick, Senior Vice President and Director of Community Investment at FHLB Dallas. “We are pleased to be a part of it.”
In 2023, FHLB Dallas awarded $28.4 million in AHP General Fund grants to 43 affordable housing projects, helping to create 2,677 new or rehabilitated housing units. For 2024, $79.4 million has been allocated for the AHP General Fund. Learn more about the FHLB Dallas Affordable Housing Program.
About Frost Bank
Frost Bank is a Texas-based bank that offers a range of financial products and services, including checking and savings accounts, mortgages and loans, investments and brokerage services and insurance products. Frost Bank was founded in San Antonio in 1868 and is the largest banking organization headquartered in Texas. It has over 185 financial centers in major Texas markets, including Austin, Corpus Christi, Dallas, Fort Worth, Houston and San Antonio.
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 $126.2 billion as of June 30, 2024, 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.
