A housing complex where many low-income residents call home in Weslaco recently celebrated a groundbreaking ceremony in observation of a reconstruction effort.
The ceremony was the result of a $750,000 Affordable Housing Program subsidy that Prospera Housing Community Services received from Wells Fargo and the Federal Home Loan Bank of Dallas in 2021 to assist with the $16.5 million reconstruction project.
According to a news release Friday, the more than 40-year-old Weslaco Village is expanding from 46 to 50 units. Residents can also expect upgrades.
“This is a monumental day for this community and for affordable housing. Our long-time relationship with FHLB (Federal Home Loan Bank) Dallas enables us to benefit communities through the AHP (Affordable Housing Program),” Patty Parina, vice president and relationship manager at Wells Fargo, said in the release.
The newly upgraded units are energy efficient and compliant with Americans with Disabilities Act requirements and range from one- to four-bedroom units. There is also a new playground.
“Weslaco Village is in a great area for affordable housing with jobs, schools, stores, restaurants and parks nearby,” Gilbert Piette, executive director of Prospera, said in the release. “We’re excited to finally begin rebuilding it from the ground up to support families in need.”
“The AHP funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing and housing for homeless individuals,” the release read. “The funds must be used to benefit households with incomes at or below 80 percent of the Area Median Income.”
The Federal Home Loan Bank of Dallas has awarded $17.2 million in program subsidies to 26 affordable housing projects this year. This is designed to create 2,022 new or rehabilitated units, including more than $7.5 million for 1,018 units in Texas.
“The AHP is fundamental in helping organizations provide high-quality affordable housing, and we are honored to work with Wells Fargo to provide critical funding for this project,” Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said in the release. “We’re excited to see the impact this project will have in the Weslaco community.”
More information about the Affordable Housing Program can be found by visiting fhlb.com/ahp.
