Laurel Creek Apartments opened with the help of a $750,000 grant
AUSTIN, Texas–(BUSINESS WIRE)–Foundation Communities recently celebrated the grand opening and grand opening of Laurel Creek, a $27.5 million affordable housing development in North Austin. The project received a $750,000 Affordable Housing Program (AHP) grant in 2021 from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Foundation Communities, which provides affordable and attractive housing and free on-site support services to families with children, as well as veterans, seniors and people with disabilities, raised the funds to help offset construction costs of the $27.5 million apartment complex.
“The Laurel Creek development shows Austin values and how we care about each other,” said Austin Mayor Steve Adler. “In 2018, we massively passed the $250 million housing bond that funded this project and its 88 affordable housing units. Much more needs to be done, and we will continue to build communities like this that help preserve the people and diversity that make Austin special.
Walter Moreau, executive director of Foundation Communities, said AHP funds have helped create impact for the residents that Laurel Creek will serve.
“The AHP played an important role in this project,” said Mr. Moreau. “We are grateful to Wells Fargo and FHLB Dallas for supporting our mission and helping us complete construction of the development.”
Tyler Smith, senior vice president, social impact and sustainability at Wells Fargo, said AHP provided critical funding for the project.
“The AHP has provided a win-win situation for us and the Foundation communities,” said Mr. Smith. “We are helping to create affordable housing units for vulnerable populations while establishing and strengthening a relationship with such an important community organization. »
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.
“Part of FHLB Dallas’ mission is to support affordable housing and community investment in our district,” said Greg Hettrick, senior vice president and director of community investment at FHLB Dallas. “AHP supports a simple necessity that many of us take for granted – safe, affordable housing – and we are honored to partner with Wells Fargo to provide that to residents of Laurel Creek.”
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 $63.5 billion as of December 31, 2021, 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.