Affordable Housing Program Funds Will Assist in Construction of Housing
for Homeless
ALBUQUERQUE, N.M.–(BUSINESS WIRE)–Thanks in part to a $420,000 Affordable Housing Program (AHP) grant from
Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas),
HopeWorks of Albuquerque, New Mexico, will soon have a new resource for
assisting the local homeless community. The grant will help fund the
construction of HopeWorks Village, a 42-unit permanent development for
homeless individuals who have struggled with mental health and substance
abuse disorders.
HopeWorks is the largest provider of services for people experiencing –
or who are at risk of – homelessness, providing mental health and
addiction recovery resources to residents. Executive Director Greg
Morris describes the organization’s approach to battling homelessness as
a “housing first” approach.
“The ‘housing first’ approach essentially views housing as the end of a
homeless episode, with wraparound services once an individual or family
is housed,” explained Mr. Morris. “Without AHP as a development source,
we would have needed to scale back the community service provision space
in the facility.”
HopeWorks Village is New Mexico’s first single-site housing project,
where intensive services will be available onsite at the housing
development. As part of its holistic approach, HopeWorks Village’s
homeless service provider will also serve as the landlord of the
facility. Construction for the $9 million project will begin in October
2019 and be completed in late 2020.
YES Housing’s Vice President of Development Michelle DenBleyker said
this project is serving the area’s most vulnerable individuals with the
highest quality of service.
“This is the first housing development that is designed to successfully
take people currently living on the street and ensure they have housing
to keep them off the street,” said Ms. DenBleyker. “We want to ensure
they have a roof over their head and intensive services available to
them.”
Wells Fargo Vice President of Community Development Pat Nie said the AHP
has enabled the bank to make an impact on the communities it serves.
“We have a responsibility to ensure that residents in our community have
access to safe, decent and affordable housing,” said Ms. Nie. “The
Affordable Housing Program and our partnership with FHLB Dallas are
integral to helping advance HopeWorks’ mission.”
AHP funds are intended to assist FHLB Dallas members in financing the
purchase, construction and/or rehabilitation of owner-occupied, rental
or transitional housing for homeless individuals in their community.
Funds for the program are targeted to benefit households with incomes at
or below 80 percent of the median income of an area.
“The AHP provides gap funding for projects so that our members can
provide special-needs residents with access to affordable housing,” said
Greg Hettrick, first vice president and director of Community Investment
at FHLB Dallas. “This wouldn’t be possible without our partnership with
Wells Fargo and their relationship with local developers, like YES
Housing.”
In 2018, the AHP, offered through FHLB Dallas member institutions,
awarded $14 million in grants to 29 affordable housing projects. Since
the program’s inception in 1990, more than $278 million in AHP funds
were awarded to assist 51,000 households.
Visit fhlb.com/ahp
for more information on the AHP.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,700
locations, more than 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 32 countries and territories to
support customers who conduct business in the global economy. With
approximately 262,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 26
on Fortune’s 2018 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at Wells
Fargo Stories.
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 $69.0 billion as of March 31, 2019, is a member-owned
cooperative that supports housing and community development by providing
competitively priced advances and other credit products to approximately
820 members and associated institutions in Arkansas, Louisiana,
Mississippi, New Mexico and Texas. Visit fhlb.com
for more information.
Contacts
Corporate Communications
Federal Home Loan Bank of Dallas
fhlb.com
(214)
441-8445
