$2.2M in Affordable Housing Grants OK'd

Grants were awarded for projects in Bryan, Dallas, Denton, El Cenzio, Fort Worth, Fredericksburg, Grapevine, Houston, Leander, Mason, San Antonio, Temple and Uvalde. The aggregate development cost is more than $59 million.

The bulk of the grants went to programs to help first-time homebuyers with closing and down payment costs, but the stack did include four multifamily developments.

The town of Leander got $350,000 that will be funneled through the First State Bank of Texas in Temple to build a 72-unit facility, Cedar Ridge II, for very low-income families.

The City of Bryan was awarded $315,000 for Crestview Unity, a multifamily project for very low-income elderly residents. The capital will flow through First National Bank of Bryan.

In Grapevine, the Glade Corners Retirement Community secured $329,000 via Summit Bank in Fort Worth to build a 66-unit facility for low- and moderate-income elderly.

A 280-bed project, the Oaks III in Dallas, walked away with $300,000 through Texas Capital Bank. The aid will help build an assisted living facility for moderate-income elderly.

Single-family assistance, including "sweat equity" programs, brought $100,000 for Fort Worth. A $50,000 grant went to Central City Revitalization in Fort Worth for down payment assistance to 10 first-time homebuyers while United for Families First also got $50,000 through TexasBank to help another 10 families with down payments.

In Dallas, Guaranty Bank got $200,000 for various community assistance mortgage programs to help 100 first-time buyers in Texas and California with closing costs. The Hasty Road Project, through Guaranty Bank, got $78,000 to help 26 buyers with down payments and Pleasant Oaks Estates, via Inwood National Bank, was given $50,000 to aid 10 buyers.

Houston's only funded project in the latest round is Delaney Development, which is getting $50,500 to help 13 first-time buyers with down payment aid.

The Federal Home Loan Bank of Dallas issues grants twice a year through its affordable housing program. About $134 million has been awarded to help complete in excess of 31,000 units since the federal program began.