Oak Lawn Place to Provide Housing for People 55 and Older
Federal Housing Finance Agency (FHFA) Director Sandra Thompson joined officials from the Federal Home Loan Bank of Dallas (FHLB Dallas) today to tour Oak Lawn Place, a new affordable housing development in Dallas, Texas, that received a $750,000 FHLB Dallas Affordable Housing Program (AHP) grant.
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Federal Housing Finance Agency Director Sandra Thompson (second from left) and Deputy Director Joshua Stallings (left) joined Federal Home Loan Bank of Dallas (FHLB Dallas) CEO and President Sanjay Bhasin (far right), and FHLB Dallas Board of Directors Chair Fred Miller (third from left) for a tour of an affordable senior housing project in Dallas, Texas. The project received a $750,000 grant from FHLB Dallas. (Photo: Business Wire)
The grant supported the development of Oak Lawn Place, an 84-unit apartment complex for people 55 and older that includes support for the LGBTQIA+ community.
“There is a nationwide lack of affordable housing. For low- to moderate-income families, affordable rental housing remains a particularly significant obstacle. The Affordable Housing Program helps fund affordable housing developments like Oak Lawn Place, making housing more accessible for more seniors,” said Director Thompson.
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 first-time homebuyers; and the construction of low-income multifamily and single-family homes. This year, FHLB Dallas is making available nearly $100 million in AHP grants through members to finance affordable housing.
“This initiative addresses a critical need in our community, and we are proud to play a role in making it a reality,” said FHLB Dallas President and CEO Sanjay Bhasin. “This has been a great opportunity to witness the positive effect the AHP and member partnerships are having here in Dallas-Fort Worth, and it’s exciting to have Director Thompson tour this project to see first-hand the impact it will have on the surrounding community.”
The AHP grant was provided through Dallas-based Veritex Community Bank (Veritex).
“Our long-standing relationship with FHLB Dallas and the AHP provided a great opportunity to support a much-needed affordable housing development,” Veritex Senior Vice President and Community Development Officer Courtney Taylor said.
Since the inception of AHP in 1990, FHLB Dallas has awarded more than $400.6 million in AHP grants to support nearly 65,000 units of affordable housing.
The apartment complex, nestled among mature trees with a view of a creek, is designed to help older individuals age in place and will include a variety of amenities, including meeting rooms, a fitness center, a dog park and onsite activities. The two-building development includes mostly one-bedroom apartments and is situated with easy access to healthcare facilities, public transportation and entertainment. Rent will be income-based.
“The generous $750,000 AHP grant was a component of the capital stack that has made it possible for Resource Center to create Oak Lawn Place, a welcoming residential development that we are proud to bring to Dallas,” said Cece Cox, Resource Center of Dallas (Resource Center) CEO. Resource Center partnered with Volunteers of America to develop the $30 million Oak Lawn Place.
The FHFA was created by the Housing and Economic Recovery Act of 2008 to oversee Fannie Mae, Freddie Mac and the Federal Home Loan Bank System, which together provide more than $8.1 trillion in funding to the U.S. mortgage markets and financial institutions.
About Director Sandra Thompson
Director Thompson, sworn in as FHFA director in June 2022, has more than 40 years of private and public sector finance experience. Prior to leading the agency, Director Thompson served as Deputy Director of the Division of Housing Mission and Goals (DHMG) for nine years, overseeing FHFA’s housing and regulatory policy, capital policy, fair lending and mission-critical activities for Fannie Mae, Freddie Mac and the Federal Home Loan Banks, which are government-sponsored enterprises regulated by FHFA. Before joining FHFA, Thompson worked at the Federal Deposit Insurance Corporation for more than 23 years in a variety of leadership positions, most recently as the Director of Risk Management Supervision.
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 $125.1 billion as of March 31, 2024, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 815 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com for more information.
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Contacts
Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
214.441.8445
