Austin Bank and FHLB Dallas Provided Funds
TYLER, TEXAS, April 12, 2018 – (RealEstateRama) — Thanks, in part, to a $430,168 Affordable Housing Program (AHP) grant from Austin Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas), Hiway 80 Rescue Mission will provide long-term housing to 24 homeless men in Tyler, Texas.
Local project representatives gathered yesterday for a groundbreaking ceremony to announce the grant. This is Hiway 80 Rescue Mission’s first transitional housing program in Tyler. The faith-based group is known for its homeless work in Longview where it provides an emergency shelter, a women and families’ shelter and services such as laundry, counseling and tutoring.
The AHP grant will fund the construction of two cottages that, upon completion, will provide long-term housing, addiction recovery and social services for homeless men who will be allowed to stay up to two years. The cottages are part of a long-term plan to provide six residences in a neighborhood setting called Triumph Village and are expected to be completed by the end of the year.
“The AHP grant gives us an opportunity to help the homeless transition into an independent life,” said Eric Burger, executive director of Hiway 80 Rescue Mission. “It will also help provide leverage to raise funds from other foundations who will see our successful track record through the AHP grant.”
Austin Bank Senior Vice President of Risk Management and CRA Officer, Debbie Braune, said the AHP is a conduit through which financial institutions can make a difference in the community.
“The path to recovery may be a long one, but it does not have to be difficult,” said Ms. Braune. “Our role as a community bank is to serve and through our partnership with the AHP the impact in our communities is maximized.”
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said Hiway 80’s continuum of care model addresses the complex challenges that agencies face in tackling homelessness.
“The myriad issues that cause a person to become homeless are complicated,” Mr. Hettrick said. “I commend Austin Bank for supporting an organization committed to solving these long-term issues.”
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 Austin Bank. 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 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
About Austin Bank
Austin Bank’s lengthy legacy is the foundation of its philosophy to provide the financial stability and trust that contributes to the growth and prosperity of the communities it serves. With 32 locations in 23 cities and 11 East Texas counties, Austin Bank is a trusted financial source for the families and businesses it serves in East Texas.
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 $68.5 billion as of December 31, 2017, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 835 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
Federal Home Loan Bank of Dallas