December 11, 2020
Business Wire Press Release
Texas Capital Bank and FHLB Dallas Provide Affordable Housing Program Subsidy
VICTORIA, Texas–(BUSINESS WIRE)– Texas Capital Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a $750,000 Affordable Housing Program (AHP) subsidy to Housing and Community Services, Inc. dba Prospera Housing Community Services (PHCS) to help offset costs of repairs from damage caused by Hurricane Harvey in 2017 to Fox Run Apartments.
In late August 2017, Hurricane Harvey struck the Houston area. Fox Run Apartments, a 150-unit affordable housing complex in Victoria, Texas, suffered more than $14 million in damages resulting in 14 buildings and more than 50 units deemed uninhabitable due to water penetration. Fox Run’s residents – families and individuals who earn less than $34,400 a year – were moved offsite to safer temporary housing and are just beginning to return.
“These funds will allow us to improve the quality of existing affordable housing supply in Victoria benefiting low- to moderate-income residents,” said PHCS Executive Director Gilbert Piette.
Jenny Guzman, vice president of Community Development for Texas Capital Bank, said the AHP is crucial to help increase capacity for affordable housing for organizations such as PHCS.
“Texas Capital Bank is grateful for our partnership with the Federal Home Loan Bank of Dallas, which exponentially increases our tangible impact to communities in need,” she said. “The Affordable Housing Program subsidies are vital to these communities, helping ease the burden of high housing costs for people and families living in poverty.”
FHLB Dallas awards AHP subsidies annually through members like Texas Capital Bank to support the creation or rehabilitation of affordable housing units, among other uses. In 2020, FHLB Dallas awarded $19.3 million in AHP grants to 38 projects that will result in 2,749 new or renovated housing units. Of that, $10.2 million was awarded to Texas projects and will result in 1,475 new or rehabilitated housing units.
“Although Hurricane Harvey hit the Houston coast three years ago, communities are still feeling the impact,” said FHLB Dallas First Vice President and Director of Community Investment Greg Hettrick. “The Federal Home Loan Bank of Dallas is honored to partner with Texas Capital Bank to provide Prospera Housing Community Services funds to repair its damaged facility and address an affordable housing need in the Victoria community.”
For more information about the AHP, visit fhlb.com/ahp.
About Texas Capital Bank
Texas Capital Bank, N.A. is a wholly owned subsidiary of Texas Capital Bancshares, Inc. (NASDAQ®: TCBI) and is recognized as one of Forbes Best Banks in America. Texas Capital Bank is a commercial bank that exists to power prosperity in business and in life. It is headquartered in Dallas, Texas and works with clients across the country. All services are subject to applicable laws and regulations and service terms. For more information, visit texascapitalbank.com. Member FDIC.
About Prospera Housing Community Services
Prospera Housing Community Services, a nonprofit organization, was founded in 1993 to provide safe, high-quality and affordable housing along with support services to families and individuals in need. PHCS is a sole member of HCS 314 LLC, who owns Fox Run Apartments. HCS 314 bought the property in 2007.
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 advances and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. Visit fhlb.com