Wells Fargo and FHLB Dallas Award $750,000 to Rebuild Apartments in South Texas | Your money
WESLACO, Texas–(BUSINESS WIRE)–July 18, 2022–
A 40-plus-year-old apartment complex in Weslaco, Texas is set to come back to life. Prospera Housing Community Services (Prospera) received a $750,000 grant from the Affordable Housing Program (AHP) of Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) for the renovation project.
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The current Weslaco Village Apartments in Weslaco, Texas, part seen here, is over 40 years old. It will receive a major upgrade, including new surfacing, paving, playground and new interior finishes thanks, in part, to a $750,000 AHP grant from Wells Fargo and FHLB Dallas. (Photo: BusinessWire)
The $16.5 million renovation of Weslaco Village apartments will provide an opportunity to improve energy efficiency and add changes to the Americans with Disabilities Act while improving overall conditions for residents. The work includes new paving, play area, new roofing, new siding and new interior finishes.
“Rent will be based on the resident’s ability to pay and limited to 30% of their income,” said Gilbert Piette, chief executive of Prospera. “Current residents will also receive relocation assistance and support services during their temporary relocation and upon their return. Additionally, current residents will be given priority to return to the development once construction is complete.
Prospera provides affordable housing and related services in three regions of the state: the Rio Grande Valley, Corpus Christi and San Antonio.
“The reconstruction of Weslaco is very exciting for Prospera as it has been many years since we had this redevelopment opportunity in the Rio Grande Valley,” Mr. Piette said.
Patricia Parina, vice president and relationship manager at Wells Fargo, said affordability and modernization will be the main benefits of the reconstruction for future residents.
“At a time when housing affordability is so challenging, we truly appreciate our relationship with FHLB Dallas in supporting this development,” she said.
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. The funds must be used to benefit households whose income is equal to or less than 80% of the region’s median income.
In 2021, FHLB Dallas awarded $18.5 million in grants to 26 affordable housing projects. The grants will create 2,113 new or rehabilitated homes, including nearly $7.5 million for 986 homes in Texas.
Between 1990 and 2021, FHLB Dallas awarded $344.6 million in AHP and Homeownership Set-Aside programs and helped nearly 60,000 households.
“We are grateful for Wells Fargo’s commitment to affordable housing and its continued partnership through AHP,” said Greg Hettrick, senior vice president and director of community investment at FHLB Dallas.
For more information on the AHP, visit fhlb.com/ahp.
About Federal Home Loan Bank of Dallas
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 $62.6 billion as of March 31, 2022, is a cooperative owned by its members 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 our website at fhlb.com.
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CONTACT: Corporate Communications
Federal Home Loan Bank of Dallas
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
KEYWORD INDUSTRY: OTHER CONSUMER CONSTRUCTION & REAL ESTATE BANKING FINANCING PROFESSIONAL SERVICES PHILANTHROPY CONSUMER OTHER PHILANTHROPY OTHER CONSTRUCTION & RESIDENTIAL REAL ESTATE CONSTRUCTION & REAL ESTATE
SOURCE: Federal Home Loan Bank of Dallas
Copyright BusinessWire 2022.
PUBLISHED: 7/18/2022 6:42 PM / DISK: 7/18/2022 6:42 PM
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