PLANO, Texas–(BUSINESS WIRE)–Affordable townhomes will be built in the red-hot Plano, Texas, housing market where homes are selling like hotcakes due to high demand from new corporate residents such as Toyota and Liberty Mutual Insurance.
A $300K Affordable Housing Program grant from Guaranty Bank & Trust and @FHLBDallas will fund the construction of affordable townhomes in Plano, TX.
A $300,000 Affordable Housing Program (AHP) grant provided by Guaranty Bank & Trust and the Federal Home Loan Bank of Dallas (FHLB Dallas) made the project possible, said Jean Brown, executive director of the Plano Housing Corp.
“This grant was paramount to us as it covered our gap in financing,” Ms. Brown said. “Without this grant, the project wasn’t financially feasible due to fluctuations in the equity markets when we were seeking funding.”
The $11.5 million, 40-unit townhome community, called Veranda Townhomes, will be built at the northeast corner of McDermott and Coit roads. Construction is expected to start soon and take about 10 months. The townhomes are scheduled to open in December 2018 and will be available to individuals and families making 60 percent below the area’s median income. Each townhome is individually platted to allow them to convert into for-sale homes after 15 years.
“The north Dallas housing market is booming right now,” said Robin Sharp, executive vice president at Guaranty Bank & Trust. “Making affordable housing available to our customers is important to us, which is why we’re happy to partner with FHLB Dallas through the AHP.”
Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas, said many of the people who work in Plano’s service industries such as retail and hospitality, are getting priced out of the market, forcing long commutes from more affordable cities.
“With Veranda Townhomes, families will have access to Plano’s high-quality schools and lifestyle amenities and they will be able to live in the same city where they work,” Mr. Hettrick said. “This would not be possible without our long-time partnership with Guaranty Bank & Trust.”
Ms. Garmon said the project is a good start but the need is great. “We wish the Plano Housing Corp. much success with Veranda Townhomes and hope it is the start of many more good things to come.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions such as Guaranty Bank & Trust. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
In 2017, FHLB Dallas awarded $7 million in grants to 19 affordable housing projects. The grants will help create 1,108 new or rehabilitated housing units. Since the inception of the AHP in 1990, FHLB Dallas has awarded more than $261 million in AHP and AHP-funded grants to assist more than 48,500 families.
About Guaranty Bank & Trust
Established in 1913, Guaranty Bank & Trust is one of the oldest and most respected banks in Texas. It works hard to attract, retain, and develop the best bankers to provide quality advice from a local expert. The bank encourages its employees to give back to the communities it serves.
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 $65.1 billion as of March 31, 2018, is a member-owned cooperative that supports housing and community investment by providing competitively priced loans and other credit products to approximately 825 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.