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

Rhea-AI Summary

Cowan Place Senior Living, developed with a $750,000 Affordable Housing Program (AHP) subsidy, celebrated its grand opening in Fort Worth, Texas. The project is part of a transformation plan to improve the Stop Six neighborhood with affordable housing and amenities. The development includes mixed-income rental residences, a neighborhood hub, and various support services. The AHP funds were crucial in completing the project, benefiting very low-to moderate-income households. The initiative aims to make life better for individuals, businesses, and communities in Fort Worth.

FORT WORTH, TX / ACCESSWIRE / December 8, 2023 / 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.

View additional multimedia and more ESG storytelling from Texas Capital on 3blmedia.com.

Contact Info:
Spokesperson: Texas Capital
Website: https://www.3blmedia.com/profiles/texas-capital
Email: info@3blmedia.com

SOURCE: Texas Capital

View the original press release on accesswire.com

FAQ

What is the name of the senior living facility that celebrated its grand opening in Fort Worth, Texas?

Cowan Place Senior Living celebrated its grand opening.

Who provided the $750,000 Affordable Housing Program (AHP) subsidy for the development?

The Federal Home Loan Bank of Dallas, through Texas Capital Bank, provided the AHP subsidy.

What is the purpose of the transformation plan in the Stop Six neighborhood of Fort Worth?

The plan aims to improve the neighborhood with affordable housing, amenities, and support services.

What type of housing does the Affordable Housing Program (AHP) funds aim to assist in financing?

AHP funds aim to assist in financing owner-occupied, rental, or transitional housing, as well as housing for homeless individuals.

What income level do AHP funds aim to benefit?

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