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FHLB Dallas Provided Funding to Adult and Teen Challenge of Texas
A $500,000 Affordable Housing Program (AHP) grant from Frost Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) provided funding to a substance abuse recovery center to expand its facility and programming in the Fort Worth, Texas, area.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190710005841/en/
A $500,000 Affordable Housing Program (AHP) grant from Frost Bank and FHLB Dallas aided in the expansion of Adult and Teen Challenge of Texas' Azle campus and services. (Photo: Business Wire)
The grant helped Adult and Teen Challenge of Texas expand its Azle, Texas, campus, which involved the demolition of a steel building and the construction of a new housing complex. Project representatives gathered yesterday to celebrate the opening of the building, which provides four resident sleeping rooms with bunks, shared bathroom facilities and a living room. The building can now accommodate more residents at the Azle campus – up to 48 from 36 – and allow residents to stay for up to two years, up from seven months. Additional funding for the $600,000 project, which began in March 2019, came from private donations.
“The grant enables us as an organization to provide more men and women with effective and comprehensive solutions to life-controlling problems,” said Sarah Baughman, director of development for Adult and Teen Challenge of Texas, which provides 400 recovery beds and services in Azle, Brenham, Magnolia, Pasadena, San Antonio, Round Rock and Bastrop. “There is a great need for our services because of the current national opioid epidemic and we couldn’t have done it without the grant from FHLB Dallas. We are one of the largest providers of recovery services in the state, and grants from FHLB Dallas and their member institutions have enabled us to increase our impact.”
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said the AHP is a useful tool to help provide affordable housing opportunities to in-need residents across its five-state District.
“The $500,000 in AHP funding provided to Adult and Teen Challenge of Texas extends the organization’s reach of services to people who need it most,” said Mr. Hettrick. “We are proud to be a part of the solution through the AHP.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions. 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.
In 2018, FHLB Dallas awarded $14 million in AHP grants to 29 projects that will result in 1,853 new or renovated housing units. Of those funds, $2.3 million was awarded to Texas projects, and will result in 556 new or rehabilitated housing units.
For more information about the AHP, visit fhlb.com/ahp.
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 $69.0 billion as of March 31, 2019, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 820 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
Federal Home Loan Bank of Dallas
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