AUSTIN, Texas – (COMMERCIAL THREAD) – The second phase of a planned community in Austin, Texas, will kick off, in part with a $ 750,000 grant from the Affordable Housing Program (AHP). Funds from Frost Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have been awarded to Mobile Loaves & Fishes to help build 76 homes as part of the second phase of Community First! Village, a planned 51-acre community designed specifically for men and women emerging from chronic homelessness.
Mobile Loaves & Fishes began over 20 years ago as the Austin homeless outreach ministry. It quickly expanded to include housing and now serves over 200 formerly homeless people through its innovative Community First program! Town. The second phase of the village will include micro-houses and model park motorhomes for its residents.
“As a non-profit organization, Mobile Loaves & Fishes relies on contributions and donations for construction projects and ongoing operations,” said Amber Fogarty, President of Mobile Loaves & Fishes. “Without the grant, the project would have been delayed or could have been reduced in size, limiting our impact on the homeless population of Austin.
Ms. Fogarty added that the global expansion of the second phase of Community First! The village will provide 310 houses, seven outdoor community kitchen buildings and seven laundry, toilet and shower facilities. The project is expected to be completed by the end of 2023.
“Frost Bank has used the AHP on several occasions to provide much needed funding to organizations like Mobile Loaves & Fishes that strive to create massive impacts in communities like Austin,” said Donna Normandin, Senior Vice President and CRA Officer at Frost Bank.
AHP funds are intended to help FHLB Dallas members finance the purchase, construction and / or rehabilitation of owner-occupied, rental or transitional housing and housing for the homeless. AHP funds should be used to benefit households with incomes equal to or less than 80 percent of the median income in the region.
In 2020, FHLB Dallas awarded $ 19.3 million in grants to 38 affordable housing projects. The subsidies will make it possible to create 2,749 new or rehabilitated housing units. That total includes nearly $ 10.2 million in grants for 1,475 housing units in Texas.
Since the inception of the AHP in 1990, the FHLB Dallas has provided more than $ 323 million under the AHP and Homeownership Reserve programs and has assisted more than 57,000 households.
“The community first! Village would not be possible without the support of AHP, which is often used as a complementary source of funding, ”said Greg Hettrick, senior vice president and director of community investment at FHLB Dallas. “It is an honor to work with our member, Frost Bank, to help Mobile Loaves & Fishes. ”
For more information on AHP, visit fhlb.com/ahp.
About Frost Bank
Frost is the banking, investment and insurance subsidiary of Cullen / Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $ 40.1 billion in assets as of September 30, 2020. One of 60 America’s largest banks by asset size, Frost provides a full range of banking, investment and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio. Founded in 1868, Frost has helped Texans with their financial needs for three centuries. For more information, visit frostbank.com.
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 established by Congress in 1932. FHLB Dallas, with total assets of $ 64.9 billion as of December 31, 2020, is a co-operative owned by its members which 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 our website at fhlb.com.