Comerica and FHLB Dallas Celebrate Opening of Affordable Apartments Helped by $750K in Funding

Local politicians, including Houston Mayor Sylvester Turner, turned out to celebrate today’s grand opening of New Hope Housing (NHH) Savoy, a multimillion-dollar, 120-unit supportive housing project. It was built with the assistance of a $750,000 Affordable Housing Program (AHP) subsidy provided by the Federal Home Loan Bank of Dallas (FHLB Dallas) through one of its members, Comerica Bank.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231012053754/en/

New Hope Housing Savoy, an affordable housing development in Houston, Texas, received a $750,000 subsidy from the Federal Home Loan Bank of Dallas via its member Comerica Bank and celebrated its grand opening today. (Photo: Business Wire)

NHH Savoy will provide families and individuals with low to modest incomes with affordable housing options in the Gulfton-Sharpstown neighborhood of Houston, Texas.

“The city takes great pride in collaborating with organizations like New Hope Housing to create beautiful communities that benefit Houstonians. New Hope Housing Savoy is not just a place to live; it is a community that fosters growth, support and stability,” said Houston Mayor Sylvester Turner. “We are grateful for the generous support of financial partners like FHLB Dallas whose funding via Comerica Bank made this project possible. Together, we can celebrate the creation of a truly remarkable facility that will provide housing for individuals and families in need.”

FHLB Dallas awards AHP subsidies through its member financial institutions to benefit very low-to moderate-income households across its five-state District.

“We thank Comerica Bank and FHLB Dallas for funding affordable solutions to the housing shortage in Houston,” said Joy Horak-Brown, president and CEO of New Hope Housing. “Housing and setting up families with crucial support services provides the stability needed to overcome economic disparities.”

Comerica’s Houston Market President Jason Baker said Comerica Bank is committed to helping communities prosper by providing funding for affordable real estate development.

“Thanks to the support of FHLB Dallas, we’ve provided gap funding to several affordable housing projects in Houston including NHH Savoy,” Mr. Baker said. “We are delighted to have partnered with FHLB Dallas to help bring this landmark project to fruition.”