A more than 40-year-old Weslaco, Texas, apartment complex will get a new lease on life. Prospera Housing Community Services (Prospera) received a $750,000 Affordable Housing Program (AHP) subsidy from Wells Fargo and the Federal Home Loan Bank of Dallas (FHLB Dallas) toward the renovation project.
The $16.5 million renovation of Weslaco Village Apartments will provide the opportunity to upgrade for energy efficiency and add Americans with Disabilities Act modifications while improving overall conditions for residents. The work includes new paving, a playground, new roofing, new siding and new interior finishes.
“Rent will be based on a resident’s ability to pay and limited to 30 percent of their income,” said Gilbert Piette, executive director of Prospera. “Current residents will also receive relocation assistance and supportive services while they are temporarily relocated and when they return. In addition, current residents will be given priority to return to the development once construction is complete.”
Prospera provides affordable housing and related services in three regions of the state: the Rio Grande Valley, Corpus Christi and San Antonio.
“The reconstruction of Weslaco is very exciting to Prospera as it has been many years since we have had this redevelopment opportunity in the Rio Grande Valley,” Mr. Piette said.
Patricia Parina, vice president and relationship manager at Wells Fargo, said affordability and modernization will be key benefits of the reconstruction for future residents.
“At a time when housing affordability is so challenging, we really appreciate our relationship with FHLB Dallas in support of this development,” she said.
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 2021, FHLB Dallas awarded $18.5 million in subsidies to 26 affordable housing projects. The subsidies will help create 2,113 new or rehabilitated housing units, including almost $7.5 million for 986 units in Texas.
Between 1990 and 2021, FHLB Dallas has awarded $344.6 million in AHP and Homeownership Set-Aside Programs and has assisted nearly 60,000 households.
“We’re thankful for Wells Fargo’s commitment to affordable housing and its ongoing partnership through the AHP,” said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas.
For more information about the AHP, visit fhlb.com/ahp.