AUSTIN, Texas, Nov. 13, 2014 /PRNewswire-USNewswire/ -- Accessible Housing Austin! (AHA!), Austin's only housing nonprofit led by members of the disability community, today received a $10,000 Partnership Grant Program (PGP) award from Frost Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funding will be used to support operations as the organization develops a 20- to 27-unit apartment complex in partnership with the Housing Authority of the City of Austin.
Accessible Housing Austin! (AHA!) was established in 2005 to provide affordable, accessible, and integrated housing for people with disabilities. A shortage of such housing exists in Austin, with the average rent for a two-bedroom apartment costing $1,290 per month. Yet, the average Social Security payment received by a person with a disability each month is only $700.
"We really appreciate the support of Frost Bank, both materially, with operating funding, and with a presence at our advisory meetings," said Isabelle Headrick, AHA! executive director. "It's really a personal relationship, not just a financial partnership. They have been a partner of ours for a long time."
Through the PGP, FHLB Dallas awards grants through its member institutions, to provide funding for the operational needs of community-based organizations involved in affordable housing and economic development. FHLB Dallas matches the cash contribution of a member financial institution to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its members, FHLB Dallas awarded $225,000 in partnership grants in 2014.
AHA! assists people with a variety of disabilities including adults and children with mobility impairments, visual impairment, chronic illness, and other physical and emotional disabilities.
"Frost Bank is honored to support Accessible Housing Austin! in its efforts to provide affordable housing for those in the disability community," said Donna Normandin, Frost Bank senior CRA and community development officer. "We are proud of all that they have accomplished and look forward to helping them achieve even more in the future."
FHLB Dallas distributes PGP funds through its member institutions to assist nonprofits with operational and administrative expenses. This is unique because the regulations of most grant programs restrict the use of funds for this purpose, according to Greg Hettrick, vice president and director of community investment, FHLB Dallas.
"Frost Bank's engagement with AHA! is vital to provide unique housing opportunities to disabled persons in need," Mr. Hettrick said. "Both organizations positively impact the Austin disability community through their combined efforts."
About Frost Bank
Cullen/Frost Bankers, Inc. ( NYSE: CFR) is a financial holding company, headquartered in San Antonio, with $27.4 billion in assets at September 30, 2014. Frost is among the 50 largest U.S. banks and is one of 24 banks included in the KBW Bank Index. Cullen/Frost Bankers banking, investments and insurance services are offered to businesses and individuals across Texas in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped clients with their financial needs during three centuries. Additional information is available at frostbank.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank system created by Congress in 1932. FHLB Dallas, with total assets of $37.5 billion as of September 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas