AHP Funds to Help with Construction of Older Adult Apartments

Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $750,000 Affordable Housing Program (AHP) subsidy to Catholic Charities Housing (CC Housing) to help build a $15.4 million apartment complex for older adults in Rio Rancho, New Mexico.

The apartment complex, to be called Felician Villa, will have about 66 one- and two-bedroom units plus amenities that will include a community room, a library, a computer center and an exercise room. Outdoor amenities will include garden areas and walking paths. The new complex will be situated near the Meadowlark Senior Center.

“The AHP award from FHLB Dallas and Wells Fargo means a lot for CC Housing and particularly for this project since without the AHP, Felician Villa would have no chance to qualify to receive low-income housing tax credits,” said Adam Saber, executive vice president and chief operating officer of CC Housing. “We think Felician Villa will provide an affordable and high-quality housing option for the community.”

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 funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

“Rising housing costs across the nation have put a financial squeeze on the aging population, which is often living on a fixed-income,” said Patricia Parina, vice president and relationship manager at Wells Fargo in New Mexico. “Felician Villa will provide an affordable and amenity-rich option for the people of Rio Rancho. We can’t wait to see the finished project.”

In 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units, including $1.05 million for 96 units in New Mexico.

Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has assisted nearly 60,000 households.

Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said the AHP provides a way for its members to support vulnerable populations including retirees on fixed incomes.

“Wells Fargo is a long-time supporter of affordable housing via the AHP in many parts of our five-state District,” Mr. Hettrick said. “Its community outreach to vulnerable populations is making a positive impact.”

For more information about the AHP, visit fhlb.com/ahp.

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 $60.2 billion as of September 30, 2021, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit our website at fhlb.com.

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Wells Fargo and @FHLBDallas awarded $750K to CC Housing to help build a $15.4M apartment complex for seniors in Rio Rancho, New Mexico.