Affordable Apartments Receive $1M Grant from FHLB Dallas and Arvest Bank
The AHP grant helped pay for the construction of the $7.3 million rental complex for residents ages 55 and older. The one- and two-bedroom apartments are reserved for residents with incomes that are 30 percent to 60 percent of the area's median income.
'The funding allowed us to buy what was an abandoned former assisted living center, demolish it and build brand new affordable housing for seniors in Gravette,' said Matt Darst, principal with Upward Housing Group. 'The AHP grant filling the financing gap for our construction to deliver a fresh, new, energy efficient, affordable housing development that we are all proud of.'
The apartment complex opened in May and is nearly fully occupied, he said.
'Spavinaw Creek Senior Housing addresses an extremely tight affordable housing market in Gravette and provides beautiful new housing that the city's aging residents can afford,' Arvest Group CRA Director Virgil Miller said. 'The support this project received from FHLB Dallas was critical in getting to the finish line.'
The development is near parks and walking trails and includes a clubhouse with a computer center, WiFi access and a book exchange library.
AHP funds 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.
'We value our relationship with Arvest Bank, which has supported many affordable housing developments over the years in Arkansas using our AHP grants,' said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. 'Our AHP grants have a long history of providing gap funding for affordable housing developments throughout our five-state District.'
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. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program.
About Arvest Bank
With more than $26 billion in assets, Arvest Bank is a community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and to attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit www.arvest.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 $109.9 billion as of March 31, 2025, 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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As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting This document contains 'forward-looking statements' - that is, statements related to future, not past, events. In this context, forward-looking statements often address FHLBank's expected future business and financial performance, and often contain words such as 'expect,' 'anticipate,' 'intend,' 'plan,' 'believe,' 'seek' or 'will.' Forward-looking statements by their nature address matters that are, to different degrees, uncertain and involve risk. Actual performance or events may differ materially from that expected or implied in forward-looking statements because of many factors. Such factors may include, but are not limited to, economic and market conditions including but not limited to real estate, credit and mortgage markets; volatility of market prices, rates and indices related to financial instruments including but not limited to investments and contracts; the occurrence of man-made or natural disasters, endemics, global pandemics, climate change, conflicts or terrorist attacks, or other geopolitical events; political events, including legislative, regulatory, litigation, or judicial events or actions, including those relating to environmental, social, and governance matters; risks related to mortgage-backed securities (MBS); changes in the assumptions used to estimate credit losses; changes in FHLBank's capital structure; changes in FHLBank's capital requirements; changes in expectations regarding FHLBank's payment of dividends; membership changes; changes in the demand by FHLBank members for FHLBank advances; an increase in advance prepayments; competitive forces, including the availability of other sources of funding for FHLBank members; changes in investor demand for consolidated obligations and/or the terms of interest rate exchange agreements and similar agreements; disruptions in the capital markets; changes in the Federal Home Loan Bank System's debt rating or FHLBank's rating; the ability of FHLBank to introduce new products and services to meet market demand and to manage successfully the risks associated with new products and services; the ability of each of the other Federal Home Loan Banks to repay the principal and interest on consolidated obligations for which it is the primary obligor and with respect to which FHLBank has joint and several liability; applicable FHLBank policy requirements for retained earnings and the ratio of the market value of equity to par value of capital stock; FHLBank's ability to maintain adequate capital levels (including meeting applicable regulatory capital requirements); business and capital plan adjustments and amendments; technology and cybersecurity risks; and timing and volume of market activity. Additional risks that might cause FHLBank's results to differ from these forward-looking statements are provided in detail in FHLBank's filings with the Securities and Exchange Commission, which are available at Forward-looking statements speak only as of the date made and FHLBank has no obligation, and does not undertake publicly, to update or revise any forward-looking statement for any reason. For the three months ended June 30, For the six months ended June 30, Condensed Statement of Income 2025 2024 2025 2024 Total interest income $ 1,115.8 $ 1,516.1 $ 2,313.9 $ 3,055.2 Total interest expense 948.0 1,319.0 1,973.9 2,662.4 Net interest income 167.8 197.1 340.0 392.8 Provision (reversal) for credit losses 0.7 0.7 1.5 2.0 Gains (losses) on investments 0.7 — 3.1 (1.0 ) Gains (losses) on derivatives and hedging (7.7 ) 1.5 (19.6 ) 7.3 Other income 8.5 9.0 17.9 19.1 Other expense 32.6 30.9 63.5 62.1 Voluntary contributions 11.8 10.2 18.8 17.1 Income before assessments 124.2 165.8 257.6 337.0 AHP assessment 12.5 16.6 25.8 33.8 Net income $ 111.7 $ 149.2 $ 231.8 $ 303.2 Expand
