Local dignitaries today joined representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas), Wells Fargo, and Prospera Housing Community Services for the groundbreaking of the Glenoak Apartments in Corpus Christi’s Flour Bluff neighborhood. The $14 million project was awarded a $476,000 Affordable Housing Program (AHP) grant in 2015 from FHLB Dallas and Wells Fargo, which provided gap funding for the development of the 68-unit complex.
Local dignitaries today joined representatives from the Federal Home Loan Bank of Dallas, Wells Fargo, and Prospera Housing Community Services for the groundbreaking of the Glenoak Apartments in the Flour Bluff neighborhood of Corpus Christi, Texas. The $14 million project was awarded a $476,000 Affordable Housing Program grant in 2015 from FHLB Dallas and Wells Fargo, which provided gap funding for the development of the 68-unit complex.(Business Wire)
Today’s attendees included Luis Buentello, field representative for U.S. Representative Blake Farenthhold (27th District), Texas House Representative Todd Hunter (District 32), Nueces County Commissioner Brent Chesney (Precinct 4), Councilman Rudy Garza (District 5), and Councilwoman and Mayor Pro Tem Colleen McIntyre (District 4).
“When I learned of this project, I was very excited because it was an opportunity to provide quality affordable housing to the Flour Bluff community,” said Mayor Pro Tem McIntyre.
Current residents of the Glenoak Apartments will be temporarily relocated while the complex undergoes a complete demolition and reconstruction. The new apartments are expected to open in June 2017.
“The AHP provides a necessary funding source, without which many affordable housing properties could not be completed,” said Leslie Houston, Wells Fargo senior vice president. “It’s a wonderful vehicle to allow these properties to come to fruition.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Wells Fargo. 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.
“Our mission is to provide safe, high-quality, affordable housing with support services to those in need,” said Brenda Garza, director of Fund Development and Resident Services at Prospera Housing Community Services. “The AHP grant will assist us in providing very low-income residents a quality place to live. We are grateful to FHLB Dallas and Wells Fargo for their roles in this very important project.”
This year, FHLB Dallas awarded $7.8 million in AHP grants to 27 projects that will result in 1,499 new or renovated housing units in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Since 1990, FHLB Dallas has awarded more than $245 million in AHP and AHP-funded grants to assist more than 45,500 families.
“Just as we celebrate the groundbreaking of this apartment community, we also celebrate the impact of the AHP grant program on communities across our District,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “Thanks to Wells Fargo for utilizing the AHP and for their continued partnership.”