Comerica and FHLB Dallas Celebrate Opening of Affordable Apartments Helped by $750K in Funding

Rhea-AI Summary

Houston Mayor and Housing Advocates Celebrate Opening of New Hope Housing Savoy

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• New Hope Housing Savoy, a multimillion-dollar, 120-unit supportive housing project, celebrated its grand opening today in Houston, Texas.
• The project received a $750,000 subsidy from the Federal Home Loan Bank of Dallas through Comerica Bank.
• NHH Savoy will provide affordable housing options for families and individuals with low to modest incomes in the Gulfton-Sharpstown neighborhood of Houston.

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• None.

Houston Mayor and Housing Advocates Celebrate Opening of New Hope Housing Savoy

HOUSTON--(BUSINESS WIRE)-- Local politicians, including Houston Mayor Sylvester Turner, turned out to celebrate today’s grand opening of New Hope Housing (NHH) Savoy, a multimillion-dollar, 120-unit supportive housing project. It was built with the assistance of a $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas (FHLB Dallas) through one of its members, Comerica Bank.

New Hope Housing Savoy, an affordable housing development in Houston, Texas, received a $750,000 subsidy from the Federal Home Loan Bank of Dallas via its member Comerica Bank and celebrated its grand opening today. (Photo: Business Wire)

NHH Savoy will provide families and individuals with low to modest incomes with affordable housing options in the Gulfton-Sharpstown neighborhood of Houston, Texas.

“The city takes great pride in collaborating with organizations like New Hope Housing to create beautiful communities that benefit Houstonians. New Hope Housing Savoy is not just a place to live; it is a community that fosters growth, support and stability,” said Houston Mayor Sylvester Turner. “We are grateful for the generous support of financial partners like FHLB Dallas whose funding via Comerica Bank made this project possible. Together, we can celebrate the creation of a truly remarkable facility that will provide housing for individuals and families in need.”

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

“We thank Comerica Bank and FHLB Dallas for funding affordable solutions to the housing shortage in Houston,” said Joy Horak-Brown, president and CEO of New Hope Housing. “Housing and setting up families with crucial support services provides the stability needed to overcome economic disparities.”

Comerica’s Houston Market President Jason Baker said Comerica Bank is committed to helping communities prosper by providing funding for affordable real estate development.

“Thanks to the support of FHLB Dallas, we’ve provided gap funding to several affordable housing projects in Houston including NHH Savoy,” Mr. Baker said. “We are delighted to have partnered with FHLB Dallas to help bring this landmark project to fruition.”

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.

In 2022, FHLB Dallas awarded nearly $17.2 million in AHP subsidies to 26 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. FHLB Dallas will announce 2023 AHP awards later this year.

“Given our long relationship and shared commitment to affordable housing, we are happy to provide funding through Comerica Bank via the AHP to support NHH’s mission of preserving housing affordability in Southwest Houston,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.

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

About Comerica

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful. Comerica provides more than 400 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded 174 years ago in Detroit, Michigan, Comerica continues to expand into new regions, including its Southeast Market, based in North Carolina, and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $90.8 billion at June 30, 2023. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, Twitter, Instagram and LinkedIn.

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 $174 billion as of June 30, 2023, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231012053754/en/

Corporate Communications

Federal Home Loan Bank of Dallas

fhlb.com, (214) 441-8445

Source: Federal Home Loan Bank of Dallas

FAQ

Who provided the subsidy for the New Hope Housing Savoy project?

The Federal Home Loan Bank of Dallas provided a $750,000 subsidy through Comerica Bank.

What is the purpose of New Hope Housing Savoy?

New Hope Housing Savoy will provide affordable housing options for families and individuals with low to modest incomes.

Where is New Hope Housing Savoy located?

New Hope Housing Savoy is located in the Gulfton-Sharpstown neighborhood of Houston, Texas.

How many units are in the New Hope Housing Savoy project?

The project consists of 120 units.

Who celebrated the grand opening of New Hope Housing Savoy?

Houston Mayor Sylvester Turner and housing advocates celebrated the grand opening.