U.S. Rep. Filemon Vela, D-Brownsville, announced the San Benito Housing Authority and the Community Development Corporation of Brownsville have received over $1 million in Federal Home Loan Bank of Dallas Affordable Housing Program subsidies.
AHP subsidies are made up entirely of private funds and awarded by FHLB Dallas in conjunction with its member financial institutions. The subsidies assist organizations with the purchase, construction or rehabilitation of affordable housing projects that benefit very low- to moderate-income households.
The San Benito Housing Authority received $750,000 from Home Federal Bank and FHLB Dallas. Funds will support their Palmville Homes project, which will rehabilitate 84 multifamily rental units to assist special-needs individuals and families in San Benito, Texas.
The Community Development Corporation of Brownsville received $600,000 from Rio Grande Valley Multibank and FHLB Dallas. Funds will allow them to construct 40 multi-family rental units for the Samano project in Brownsville. The completion of this project will provide affordable housing for very low income-qualified families.
“The issue of affordable housing in South Texas is more important than ever,” said Vela. “The ongoing COVID-19 crisis continues to impact Americans as they struggle to support their families by paying rent and putting food on the table. This award allows the San Benito Housing Authority and the Community Development Corporation of Brownsville to ensure South Texas families have the affordable housing they need.”
