Federal Housing Finance Agency Director Sandra Thompson Visits Affordable Housing Facility in Dallas
June 25 2024 - 7:10PM
Business Wire
Oak Lawn Place to Provide Housing for People 55
and Older
Federal Housing Finance Agency (FHFA) Director Sandra Thompson
joined officials from the Federal Home Loan Bank of Dallas (FHLB
Dallas) today to tour Oak Lawn Place, a new affordable housing
development in Dallas, Texas, that received a $750,000 FHLB Dallas
Affordable Housing Program (AHP) grant.
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Federal Housing Finance Agency Director
Sandra Thompson (second from left) and Deputy Director Joshua
Stallings (left) joined Federal Home Loan Bank of Dallas (FHLB
Dallas) CEO and President Sanjay Bhasin (far right), and FHLB
Dallas Board of Directors Chair Fred Miller (third from left) for a
tour of an affordable senior housing project in Dallas, Texas. The
project received a $750,000 grant from FHLB Dallas. (Photo:
Business Wire)
The grant supported the development of Oak Lawn Place, an
84-unit apartment complex for people 55 and older that includes
support for the LGBTQIA+ community.
“There is a nationwide lack of affordable housing. For low- to
moderate-income families, affordable rental housing remains a
particularly significant obstacle. The Affordable Housing Program
helps fund affordable housing developments like Oak Lawn Place,
making housing more accessible for more seniors,” said Director
Thompson.
AHP grants fund a variety of projects, including home
rehabilitation and modifications for low-income, elderly and
special-needs residents; down payment and closing cost assistance
for first-time homebuyers; and the construction of low-income
multifamily and single-family homes. This year, FHLB Dallas is
making available nearly $100 million in AHP grants through members
to finance affordable housing.
“This initiative addresses a critical need in our community, and
we are proud to play a role in making it a reality,” said FHLB
Dallas President and CEO Sanjay Bhasin. “This has been a great
opportunity to witness the positive effect the AHP and member
partnerships are having here in Dallas-Fort Worth, and it’s
exciting to have Director Thompson tour this project to see
first-hand the impact it will have on the surrounding
community.”
The AHP grant was provided through Dallas-based Veritex
Community Bank (Veritex).
“Our long-standing relationship with FHLB Dallas and the AHP
provided a great opportunity to support a much-needed affordable
housing development,” Veritex Senior Vice President and Community
Development Officer Courtney Taylor said.
Since the inception of AHP in 1990, FHLB Dallas has awarded more
than $400.6 million in AHP grants to support nearly 65,000 units of
affordable housing.
The apartment complex, nestled among mature trees with a view of
a creek, is designed to help older individuals age in place and
will include a variety of amenities, including meeting rooms, a
fitness center, a dog park and onsite activities. The two-building
development includes mostly one-bedroom apartments and is situated
with easy access to healthcare facilities, public transportation
and entertainment. Rent will be income-based.
“The generous $750,000 AHP grant was a component of the capital
stack that has made it possible for Resource Center to create Oak
Lawn Place, a welcoming residential development that we are proud
to bring to Dallas,” said Cece Cox, Resource Center of Dallas
(Resource Center) CEO. Resource Center partnered with Volunteers of
America to develop the $30 million Oak Lawn Place.
The FHFA was created by the Housing and Economic Recovery Act of
2008 to oversee Fannie Mae, Freddie Mac and the Federal Home Loan
Bank System, which together provide more than $8.1 trillion in
funding to the U.S. mortgage markets and financial
institutions.
About Director Sandra Thompson
Director Thompson, sworn in as FHFA director in June 2022, has
more than 40 years of private and public sector finance experience.
Prior to leading the agency, Director Thompson served as Deputy
Director of the Division of Housing Mission and Goals (DHMG) for
nine years, overseeing FHFA’s housing and regulatory policy,
capital policy, fair lending and mission-critical activities for
Fannie Mae, Freddie Mac and the Federal Home Loan Banks, which
are government-sponsored enterprises regulated by FHFA. Before
joining FHFA, Thompson worked at the Federal Deposit Insurance
Corporation for more than 23 years in a variety of leadership
positions, most recently as the Director of Risk Management
Supervision.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks
in the FHLBank system created by Congress in 1932. FHLB Dallas,
with total assets of $125.1 billion as of March 31, 2024, is a
member-owned cooperative that supports housing and community
development by providing competitively priced advances and other
credit products to approximately 815 members and associated
institutions in Arkansas, Louisiana, Mississippi, New Mexico and
Texas. Visit fhlb.com for more information.
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Corporate Communications Federal Home Loan Bank of Dallas
fhlb.com 214.441.8445