AUSTIN, TEXAS, October 28, 2024 — In a significant boost to affordable housing initiatives, representatives from the Federal Home Loan Bank of Dallas (FHLB Dallas), in collaboration with its member Frost Bank, announced the allocation of $1.5 million in Affordable Housing Program (AHP) grants to Mobile Loaves & Fishes, a prominent Christian social outreach ministry based in Austin, Texas. These vital grants are instrumental in funding the first two phases of Community First! Village—a visionary multi-phase development aimed at providing affordable, permanent housing solutions for individuals experiencing chronic homelessness in the Austin area. On Thursday, key representatives from FHLB Dallas joined community leaders for an insightful tour of the latest phase of this groundbreaking development.
Community First! Village spans 51 acres in northeast Travis County and currently accommodates over 370 residents who were formerly homeless. Upon its completion, the project is expected to offer a supportive community and housing for more than 500 individuals, fostering a sense of belonging and stability.
“We are excited that this project is almost complete. FHLB Dallas and Frost Bank helped close the gap in financing for this much-needed affordable housing development designed for the homeless population,” stated Tracee Henneke, Director of Relationships & Giving at Mobile Loaves & Fishes and Community First! Village. This initiative highlights the critical role that financial institutions and nonprofits play in addressing homelessness and the urgent need for affordable housing.
AHP grants serve to facilitate the efforts of FHLB Dallas members in financing not just the purchase and construction, but also the rehabilitation of various types of housing, including owner-occupied houses, rental units, transitional accommodations, and facilities for homeless individuals. Importantly, these funds are designated for households with incomes at or below 80 percent of the area’s median income.
“This affordable housing development is a wonderful example of financial institutions and nonprofits working together to develop affordable housing for underserved communities,” noted Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “We are pleased to be a part of it.” This collaborative effort underscores the importance of combined resources in tackling housing crises faced by vulnerable populations.
In 2023, FHLB Dallas demonstrated its commitment to affordable housing by awarding a remarkable $28.4 million in AHP General Fund grants to support 43 affordable housing projects, which will result in the creation of 2,677 new or rehabilitated housing units. Looking ahead, the organization has allocated a substantial $79.4 million for the AHP General Fund in 2024, signaling ongoing support for housing initiatives across the region. Learn more about the FHLB Dallas Affordable Housing Program.
About Frost Bank
Frost Bank, founded in San Antonio in 1868, stands as the largest banking organization headquartered in Texas. It offers a comprehensive array of financial products and services, including checking and savings accounts, mortgages, loans, investment solutions, and insurance services, all aimed at empowering clients across major Texas markets.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas, established as one of the 11 district banks in the FHLBank System since its creation by Congress in 1932, boasts total assets of $126.2 billion as of June 30, 2024. As a member-owned cooperative, FHLB Dallas backs housing and community development efforts by providing competitively priced loans and other essential credit products to around 800 member institutions across Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
**Interview with Tracee Henneke, Director of Relationships & Giving at Mobile Loaves & Fishes and Community First! Village**
**Interviewer:** Thank you for joining us today, Tracee. Can you start by telling us about the significance of the $1.5 million AHP grant from the Federal Home Loan Bank of Dallas and Frost Bank?
**Tracee Henneke:** Thank you for having me! This grant is incredibly significant for us at Mobile Loaves & Fishes. It closes a crucial financing gap for the first two phases of Community First! Village, which is designed to provide affordable and permanent housing for individuals experiencing chronic homelessness. These funds will help us create a supportive community where residents can thrive.
**Interviewer:** Community First! Village is quite an ambitious project. Can you share more about its vision and how it intends to serve the community?
**Tracee Henneke:** Absolutely. Community First! Village spans 51 acres and currently provides housing for over 370 residents. Our vision is to not only offer shelter but also to create a sense of belonging and community for those who have faced homelessness. Once fully completed, we expect to accommodate more than 500 individuals, fostering a stable environment with resources to help them regain their independence.
**Interviewer:** How do you see the role of financial institutions and nonprofits evolving in addressing homelessness through initiatives like this?
**Tracee Henneke:** This project is a prime example of how financial institutions and nonprofits can collaborate effectively. It demonstrates that when we pool our resources and expertise, we can create impactful solutions for underserved communities. The support from FHLB Dallas and Frost Bank highlights the importance of these partnerships in not just financing projects like Community First! Village, but also in advocating for affordable housing in general.
**Interviewer:** What are the next steps for the Community First! Village project, and how can the community support these efforts?
**Tracee Henneke:** We’re in the final phases of construction now, which is incredibly exciting! As we move forward, community support is vital. People can get involved by volunteering, donating, or even spreading the word about our mission. Every effort helps us build a stronger, more inclusive community for everyone.
**Interviewer:** Thank you, Tracee, for sharing these insights. It’s inspiring to hear about your team’s work to address homelessness in Austin.
**Tracee Henneke:** Thank you! We appreciate the opportunity to share our mission and the impact we hope to make in our community.
The role of collaborations like the one between FHLB Dallas, Frost Bank, and your organization in addressing homelessness and affordable housing challenges?
**Tracee Henneke:** Collaborations like this are vital. They bring together financial institutions, nonprofits, and community leaders, pooling resources and expertise to tackle complex issues like homelessness. With the support of FHLB Dallas and Frost Bank, we’re able to make substantial progress in creating affordable housing solutions. This partnership emphasizes the power of collective impact—together, we can create a more sustainable future for our vulnerable populations.
**Interviewer:** You mentioned the importance of community in your project. Can you elaborate on the services and support that Community First! Village offers to its residents?
**Tracee Henneke:** Certainly. Beyond providing housing, Community First! Village offers a holistic approach to support. We have services like job training programs, mental health resources, and skills workshops to help residents reintegrate into the community and regain stability. Our residents have access to shared spaces for social interaction, which is crucial in fostering relationships and building a sense of belonging. It’s all about empowering individuals to thrive and lead fulfilling lives.
**Interviewer:** Looking forward, what do you hope to see for the future of affordable housing in Texas?
**Tracee Henneke:** I hope to see continued investment and innovation in affordable housing initiatives. Texas has a rich community of organizations dedicated to this cause, but we need sustained support and collaboration to expand our reach. My vision is to see more projects like Community First! Village, where people are not just housed but are part of a vibrant and supportive community. Affordable housing should be accessible to everyone, and that requires ongoing partnership and commitment from all sectors.
**Interviewer:** Thank you, Tracee, for sharing these insights. It’s inspiring to hear about the transformative impact of such initiatives on the community.
**Tracee Henneke:** Thank you for having me! I’m excited to share our story and the vital work being done for those experiencing homelessness in Austin.
