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$16.4 million development serves people living with HIV
AUSTIN, Texas–(BUSINESS WIRE)–Prosperity Bank and Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) grant for the construction of an affordable apartment complex for people living with HIV in Austin, Texas.
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Project Transitions received a $750,000 AHP grant from Prosperity Bank and FHLB Dallas to build affordable housing for people living with HIV in Austin. This artist’s rendering shows what the finished project will look like. (Photo: BusinessWire)
Scurry Miller, executive director of Project Transitions Inc., said stable housing is essential for people living with HIV because of the complex treatment regimen required.
“In Austin, the rent for a one-bedroom apartment is 75% more than an entire Supplemental Security Income payment,” he said. “This unaffordable level of rent combined with the typical health issues of unmanaged HIV is a condemnation of homelessness. Project Transitions is grateful for funding that will provide affordable housing options for people living with HIV.
The $16.4 million Burnet Place apartments, designed by architectural firm Michael Hsu, will be built in North Austin. True Casa Consulting LLC — an affordable housing development and financing advisory firm dedicated to supportive housing — helped Project Transitions secure commitments for 75% of the funding needed with the remaining sources identified and pending, Miller said. .
The three-story complex will have 61 affordable housing units with intensive support services, with all units reserved for people living with HIV.
Rudy Reyes, vice president of Prosperity Bank and chief compliance officer for the Community Reinvestment Act, said affordability has been a challenge as Austin gains national popularity as a place where life is good.
“We are keenly aware of the skyrocketing housing costs in Austin and for people living with HIV, the crisis is particularly acute,” he said. “We are impressed with Project Transitions’ commitment to providing stable, supportive housing for people living with HIV.
Justin Westmoreland, Regional President of the Central Texas Region for Prosperity Bank, worked closely with Project Transitions on the AHP funding request.
“Project Transitions has been working to provide affordable housing for people with AIDS since the late 1980s, when it opened its first hospice,” Westmoreland said. “His programs and solutions have since grown and touched many lives in Central Texas. We are proud to be a part of their latest venture.
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 help create 2,113 new or rehabilitated homes, including $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.
“We are thrilled to partner with Prosperity Bank on this high-quality, highly affordable housing complex and look forward to seeing the finished product,” said Greg Hettrick, Senior Vice President and Director of Community Investment at FHLB. Dallas.
For more information on the AHP, visit fhlb.com/ahp.
About Prosperity Bank
Prosperity Bancshares, Inc. is a $38.271 billion regional financial holding company based in Houston, Texas that provides personal banking and investment services to consumers and businesses in Texas and Oklahoma. Founded in 1983, Prosperity believes in a community banking philosophy, caring for customers, businesses and communities in the regions it serves by providing financial solutions to simplify everyday financial needs. In addition to offering traditional deposit and loan products, Prosperity offers digital banking solutions, credit and debit cards, mortgage services, retail brokerage services, trust and wealth management and asset management. cash. Prosperity currently operates 272 full-service banking locations in Texas and Oklahoma.
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 $62.6 billion as of March 31, 2022, 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.
Federal Home Loan Bank of Dallas
Source: Federal Home Loan Bank of Dallas