The Federal Home Loan Bank has awarded $1.1 million to Region 4 for a housing rehabilitation program which is part of the Affordable Housing Program (AHP), which provides grants for construction, acquisition, and rehabilitation of homes for low- and moderate-income households, including seniors, individuals with disabilities, and veterans. Each Federal Home Loan Bank sets aside at least 10% of its annual earnings to support affordable housing projects through these grants, which are awarded on a competitive basis once a year. Sponsors like the Red River Regional Council must apply through member financial institutions of the FHLBank system, and funds can be used for both rental and owner-occupied properties that meet income guidelines—generally, households at or below 80% of area median income.
A total of 43 applications were received to use these funds in Region 4. As part of the process, a regional housing inspector is currently completing exterior inspections. Once those reports are finished, a Housing Committee will review and rank the first 20 homes based on work that is needed. After ranking is complete, the homeowners will be notified that their homes have been selected for the program.
Next, the housing inspector will conduct full interior inspections and prepare detailed project bids. Contractors will then price out the necessary work. Construction will begin in late 2025-early 2026, once bids are finalized.
Although all current funds have been committed, we continue to accept applications for rehab projects for anticipated application rounds from the Federal Home Loan Bank.