FORT WORTH, TX – Local real estate developers, community partners and residents celebrated the grand opening of Cowan Place Senior Living. It was built with the assistance of a $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas through one of its members, Texas Capital Bank in the Stop Six neighborhood of Fort Worth, Texas.
The development is part of a transformation plan designed to improve the Stop Six neighborhood in Fort Worth with affordable housing and neighborhood amenities. The plan includes replacement of the former Cavile Place public housing community with new, mixed-income rental residences in six phases of development. It includes a neighborhood hub for recreation, educational, health and safety services, commercial districts and space for healthcare and educational, economic and other support services.
In addition to affordable housing for seniors, Cowan Place amenities include rooms for a library and theater, fitness studio, salon, billiards, crafts and other spaces for private meetings with health care professionals.
The AHP funds were vital in closing funding gaps to make sure that we could finish construction on this project, said Mary-Margaret Lemons, Fort Worth Housing Solutions president. We could not have finished this project without the money provided by the Federal Home Loan Bank of Dallas and Texas Capital as a partner. It was critical for us to get over the finish line and finish this during COVID, and so it was really a game changer for us to be able to have full funding of this project to get started.
FHLB Dallas awards AHP subsidies through its member financial institutions to benefit very low- to moderate-income households across its five-state District.
These are the type of projects that we get involved in because of the impact that they have on communities such as this; we want to assist in making life better for the individuals, businesses and communities in Fort Worth, said Worley Barker, director of Community Development Lending and Investments for Texas Capital.
Affordable Housing Program (AHP) funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.
It can be difficult to develop affordable housing, and the AHP is a funding source that can help fill the gap to make a deal like this work, said Melanie Dill, community development and AHP rental manager at FHLB Dallas. Not only does the AHP help to fill a funding gap, but it can also help our members create new business opportunities, support their communities and meet CRA objectives.