Foundation Communities receives AHP subsidy to build two apartments in Texas

WCN Editorial Team 9 Apr 2021 NORTH AMERICA BUILDINGS

Foundation Communities has secured $1.5m as Affordable Housing Program (AHP) subsidy from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) for the construction of two apartment complexes in Austin, Texas, the US.

The apartments will be built for low-income individuals and families.

The $25m Zilker Studios apartments will offer 100 rental units to single adults with low incomes, housing instability and high needs, while the $31m The Loretta project will provide 137 housing units to low-income individuals and families.

A $750,000 AHP subsidy was awarded to each of the projects.

Foundation Communities executive director Walter Moreau said: “We are thankful that Wells Fargo and FHLB Dallas see these two projects as critical in providing affordable housing options at a time when rising rents and home prices are straining the budgets of many Austinites.”

Wells Fargo Community Relations for Central Texas senior vice-president Theresa Alvarez said: “This is a homegrown nonprofit that has succeeded in providing innovative and affordable housing and opportunities that transform people’s lives.”

The AHP funds help FHLB Dallas members in financing purchase, construction and/or rehabilitation of rental, owner-occupied, or transitional housing and housing for homeless individuals.

These funds are used to benefit households earning incomes at or below 80% of the median income of that region.

Last year, FHLB Dallas awarded grants to the tune of $19.3m to 38 affordable housing projects. These grants will help in building 2,749 rehabilitated or new housing units.

Since the inception of AHP in 1990, FHLB Dallas has given more than $323m in AHP and Homeownership Set-Aside Programs, assisting more than 57,000 households as a result.

FHLB Dallas Community Investment first vice-president and director Greg Hettrick said: “We’ve partnered with Wells Fargo on dozens of AHP subsidies over the years in multiple cities and states; it’s been a joy to work with them.”

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The upcoming apartments will be built to house low-income individuals and families. Credit: Nattanan Kanchanaprat/Pixabay.

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