Introduction
Welcome, reader. In this article, we will be exploring the Federal Home Loan Bank of Dallas (FHLB), a cooperative that provides affordable funding solutions for housing and economic development. We will be taking a closer look at the FHLB’s history, mission, structure, and impact. Additionally, we will be providing an in-depth analysis of the organization’s programs, products, and services. Whether you are a homeowner, a business owner, a developer, or an investor, this article will provide you with valuable insights on how the FHLB can help you achieve your goals.
Since its establishment in 1932, the FHLB has been committed to providing low-cost liquidity to its members, which include banks, thrifts, credit unions, insurance companies, and community development financial institutions (CDFIs). The FHLB is one of 11 regional banks in the Federal Home Loan Bank System, which was created by Congress to support housing finance and community development. Today, the FHLB serves more than 830 members in Arkansas, Louisiana, Mississippi, New Mexico, and Texas, providing them with access to credit, capital, and other financial services.
Now, let’s dive deeper into the FHLB and its impact on the communities it serves.
The Federal Home Loan Bank of Dallas: A Brief History
The FHLB of Dallas was established on October 24, 1932, as part of the Federal Home Loan Bank System, which was created by the Federal Home Loan Bank Act of 1932. The purpose of the FHLB System was to provide a stable source of liquidity for savings and loan associations during the Great Depression. In 1989, the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) expanded the FHLB System’s membership to include commercial banks, thrifts, and credit unions. Today, the FHLB of Dallas is one of the largest providers of affordable housing funds in the Southwest, with over $70 billion in assets and $47 billion in advances as of December 31, 2020.
The FHLB’s Mission and Structure
The FHLB’s mission is to provide its members with access to wholesale funding, liquidity, and other financial services in support of housing and economic development. The FHLB of Dallas is governed by a board of directors, which is comprised of 14 independent directors and two ex-officio members (the president of the Federal Reserve Bank of Dallas and the director of the Federal Housing Finance Agency’s Office of Finance). The FHLB’s operations are overseen by a management team led by a president and CEO.
The FHLB’s Impact on Affordable Housing and Economic Development
The FHLB of Dallas is committed to supporting housing and economic development in its five-state district. To achieve this goal, the FHLB provides a variety of funding programs and products, including:
Program/Product Name |
Description |
|---|---|
Advances |
Low-cost, long-term loans to help members fund housing and economic development projects. |
Community Investment Program |
Grants and subsidized loans to support affordable housing and economic development initiatives. |
Homeownership Set-Aside Program |
Grants and subsidized loans to help first-time homebuyers purchase homes. |
New Mexico Affordable Housing Program |
Grants and subsidized loans to support affordable housing projects in New Mexico. |
AHP Competitive |
A competitive grant program that provides funding for affordable housing projects. |
Since its inception, the FHLB of Dallas has provided over $8 billion in grants and subsidized loans to support affordable housing and economic development initiatives. These funds have helped create jobs, revitalize communities, and improve the quality of life for millions of people.
FAQs
What is the FHLB of Dallas?
The FHLB of Dallas is a cooperative that provides affordable funding solutions for housing and economic development.
What is the purpose of the FHLB System?
The purpose of the FHLB System is to provide a stable source of liquidity for savings and loan associations during economic downturns.
What is the FHLB’s mission?
The FHLB’s mission is to provide its members with access to wholesale funding, liquidity, and other financial services in support of housing and economic development.
Who are the FHLB’s members?
The FHLB’s members include banks, thrifts, credit unions, insurance companies, and community development financial institutions (CDFIs).
What regions does the FHLB of Dallas serve?
The FHLB of Dallas serves Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
What funding programs and products does the FHLB of Dallas offer?
The FHLB of Dallas offers funding programs and products such as Advances, Community Investment Program, Homeownership Set-Aside Program, New Mexico Affordable Housing Program, and AHP Competitive.
How much funding has the FHLB of Dallas provided for affordable housing and economic development?
The FHLB of Dallas has provided over $8 billion in grants and subsidized loans to support affordable housing and economic development initiatives.
What is the Community Investment Program?
The Community Investment Program provides grants and subsidized loans to support affordable housing and economic development initiatives.
What is the Homeownership Set-Aside Program?
The Homeownership Set-Aside Program provides grants and subsidized loans to help first-time homebuyers purchase homes.
What is the New Mexico Affordable Housing Program?
The New Mexico Affordable Housing Program provides grants and subsidized loans to support affordable housing projects in New Mexico.
What is AHP Competitive?
AHP Competitive is a grant program that provides funding for affordable housing projects.
How does the FHLB of Dallas support economic development?
The FHLB of Dallas supports economic development by providing funding for job creation and business growth.
How does the FHLB of Dallas help revitalize communities?
The FHLB of Dallas helps revitalize communities by providing funding for affordable housing, community facilities, and infrastructure improvements.
How can I become a member of the FHLB of Dallas?
You can become a member of the FHLB of Dallas by meeting the eligibility criteria and completing the membership application process.
Conclusion
The Federal Home Loan Bank of Dallas has been a vital source of funding for affordable housing and economic development for nearly 90 years. Through its programs, products, and services, the FHLB has helped millions of people achieve their dreams of homeownership, job creation, and community revitalization. Whether you are a member of the FHLB or a beneficiary of its programs, you can rest assured that the FHLB of Dallas will continue to be a strong and reliable partner in your journey towards a brighter future.
If you are interested in learning more about the FHLB of Dallas or becoming a member, please visit our website or contact us directly. We look forward to working with you.
Disclaimer
This article is for informational purposes only and does not constitute legal, financial, or tax advice. The Federal Home Loan Bank of Dallas is not responsible for any errors or omissions in this article, and the information provided is subject to change without notice. Please consult with your legal, financial, or tax advisor before making any decisions based on the information provided in this article.