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(August 10, 2021) Victoria, TX — Earlier this month, Prospera welcomed the community and key stakeholders to attend the Fox Run Apartment Grand Re-Opening in Victoria, Texas. In 2017, Fox Run Apartments, a 150-unit apartment community, was devasted due to Hurricane Harvey’s impact in the region. Hurricane Harvey caused over $19 million dollars in damage to 14 buildings and more that 50 units with major rehabilitation including replacing roofs, windows, doors, flooring, exterior and some interior walls. During renovation, Fox Run residents were moved offsite to safer temporary housing. The apartment community is currently back to full capacity.
Texas Capital Bank, as a member of the Federal Home Loan Bank of Dallas, awarded $750,000 of Affordable Housing Program (AHP) subsidy to Prospera to help with repairs from the damage caused by Hurricane Harvey.
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 Prospera. “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.”
“The AHP is a great tool for members like Texas Capital Bank to help provide safe and affordable housing in their communities,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. “It’s an honor to partner with Texas Capital Bank and assist Prospera Housing Community Services in rehabilitating much-needed housing serving the Victoria community.”
Texas General Land Office allocated funding from the Community Development Block Grant for Disaster Recovery (CDBG-DR) funds from the U.S. Department of Housing and Urban Development (HUD) funds to help rehabilitate, reconstruct, and construct multifamily rental housing damaged or destroyed by Hurricane Harvey.
We are grateful to Federal Home Loan Banks of Dallas, Texas Capital Bank and Texas General Land Office Disaster Recovery Program for the financial support to help rebuild the Fox Run Apartments community. To review a video of the event, please click here.
Photo courtesy of Federal Home Loan Bank of Dallas.
