MOUNT PLEASANT, Texas--(BUSINESS WIRE)--Frost Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $300,000 Affordable Housing Program (AHP) subsidy to Mount Pleasant Public Facility Corp. to renovate its Pine Terrace Apartments.
Pine Terrace, in Mount Pleasant, Texas, is an apartment complex built in 1979 with only one-bedroom units targeted for older and special-needs residents.
Mount Pleasant Public Facility Corp., the property owner, is a housing authority whose mission is to provide safe and affordable housing. The organization said the funds will go toward rehabbing the aging units.
“The current units are in bad shape and in need of a remodel,” said Steve Martin, executive director of Mount Pleasant Public Facility Corp. “On top of an affordable housing shortage in Mount Pleasant, the renovations will enable us to put these units up for rent at an affordable price.”
Mr. Martin said renovations will include new furnishings, kitchen countertops, efficient appliances and a modernized electrical system.
“Frost Bank is honored to be part of this project to assist low-income seniors and disabled community members,” said Donna Normandin, senior vice president and CRA officer at Frost Bank. “The AHP is a great tool for communities, especially ones that have affordable housing shortages like Mount Pleasant.”
AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
For 2020, FHLB Dallas awarded $19.3 million in subsidies to 38 affordable housing projects. The subsidies will help create 2,749 new or rehabilitated housing units. Included in that total is almost $10.2 million in subsidies for 1,475 units of housing in Texas.
Since the AHP’s inception in 1990, FHLB Dallas has awarded more than $323 million in AHP and Homeownership Set-Aside Programs and has assisted more than 57,000 households.
“I’ve seen firsthand how the AHP can help improve the lives of special-needs and older residents across the District,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “This effort would not be possible without our long-standing partnership with Frost Bank.”
For more information about AHP, visit fhlb.com/ahp.
About Frost Bank
Frost is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $40.1 billion in assets at September 30, 2020. One of the 60 largest U.S. banks by asset size, Frost provides a full range of banking, investments and insurance services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit frostbank.com.
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 $66.3 billion as of September 30, 2020, is a member-owned cooperative 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.
