$750K Affordable Housing Program Grant from FHLB Dallas and Wells Fargo Powers Major Revitalization of San Antonio Apartment Complex
SAN ANTONIO--(BUSINESS WIRE)--The Federal Home Loan Bank of Dallas (FHLB Dallas) and Wells Fargo joined PROSPERA, community partners and local leaders to celebrate the opening of Arbors at West Avenue, taking 150 affordable apartments through a deep rehabilitation, and demolishing and rebuilding 84 apartments, to ultimately create and preserve 234 highly equipped apartments in the Dell View neighborhood of San Antonio, Texas. FHLB Dallas provided a $750,000 grant through its flagship Affordable Housing Program (AHP). The funding supported a comprehensive renovation effort that modernized critical infrastructure and enhanced overall living conditions.
'This project is a testament to what's possible when mission-driven organizations come together to make a difference,' said Bruce Hatton, vice president and community marketing and outreach manager at FHLB Dallas.
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'This renovation is about more than construction — it's about providing high-quality affordable housing with support services to the families who live here,' said Jacque Woodring, executive director and chief executive officer of PROSPERA. 'We're proud to lead this effort and are grateful for the partnerships and support that makes meaningful change possible for our residents.'
Arbors at West Avenue received the $750,000 AHP grant through FHLB Dallas member Wells Fargo.
'We're proud to support PROSPERA's efforts to create safer, more livable homes for families in San Antonio,' said Patty Parina, vice president, relationship manager, at Wells Fargo. 'This project reflects our commitment to strengthening communities and advancing housing equity where it's most needed.'
AHP grants assist FHLB Dallas members in financing the purchase, construction and rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals. The funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
'This project is a testament to what's possible when mission-driven organizations come together to make a difference,' said Bruce Hatton, vice president and community marketing and outreach manager at FHLB Dallas. 'We thank Wells Fargo and PROSPERA for their unwavering commitment to this project that reflects our shared dedication to improving lives through meaningful community investment.'
In 2024, FHLB Dallas awarded $78.9 million in AHP General Fund grants to 41 affordable housing projects. The grants will help create 3,571 new or rehabilitated housing units. Learn more about the FHLB Dallas Affordable Housing Program.
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 $127.7 billion as of December 31, 2024, 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 fhlb.com.
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