Texas Capital and FHLB Dallas Celebrate the Opening of Senior Apartment Community in Stop Six Neighborhood of Fort Worth

December 09, 2023 05:05 AM AEDT | By 3BL
Follow us on Google News:

FORT WORTH, Texas, December 8, 2023 /3BL/ - Local real estate developers, community partners and residents celebrated the grand opening of Cowan Place Senior Living. It was built with the assistance of a $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas through one of its members, Texas Capital Bank in the Stop Six neighborhood of Fort Worth, Texas.

The development is part of a transformation plan designed to improve the Stop Six neighborhood in Fort Worth with affordable housing and neighborhood amenities. The plan includes replacement of the former Cavile Place public housing community with new, mixed- income rental residences in six phases of development. It includes a neighborhood hub for recreation, educational, health and safety services, commercial districts and space for healthcare and educational, economic and other support services.

In addition to affordable housing for seniors, Cowan Place amenities include rooms for a library and theater, fitness studio, salon, billiards, crafts and other spaces for private meetings with health care professionals.

“The AHP funds were vital in closing funding gaps to make sure that we could finish construction on this project,” said Mary-Margaret Lemons, Fort Worth Housing Solutions president. “We could not have finished this project without the money provided by the Federal Home Loan Bank of Dallas and Texas Capital as a partner. It was critical for us to get over the finish line and finish this during COVID, and so it was really a game changer for us to be able to have full funding of this project to get started.”

FHLB Dallas awards AHP subsidies through its member financial institutions to benefit very low-to moderate-income households across its five-state District. 

“These are the type of projects that we get involved in because of the impact that they have on communities such as this; we want to assist in making life better for the individuals, businesses and communities in Fort Worth,” said Worley Barker, director of Community Development Lending and Investments for Texas Capital.

Affordable Housing Program (AHP) funds are intended to assist FHLB Dallas members in financing the purchase, construction and/or rehabilitation of owner-occupied, rental or transitional housing, as well as housing for homeless individuals in their community. AHP funds must be used to benefit households with incomes at or below 80 percent of the median income for the area.

“It can be difficult to develop affordable housing, and the AHP is a funding source that can help fill the gap to make a deal like this work,” said Melanie Dill, community development and AHP rental manager at FHLB Dallas. “Not only does the AHP help to fill a funding gap, but it can also help our members create new business opportunities, support their communities and meet CRA objectives.”

SOURCE: TEXAS CAPITAL / FHLB DALLAS

About Texas Capital
Texas Capital Bank, a wholly owned subsidiary of Texas Capital Bancshares, Inc. (individually and collectively with all affiliates and subsidiaries, “Texas Capital”), is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs, and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Member FDIC. For more information, please visit www.texascapital.com.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK