The Federal Home Loan Bank of Dallas (FHLB Dallas), Comerica Bank, and New Hope Housing joined community leaders to celebrate the grand opening of New Hope Housing Gray, a 135-unit affordable housing development for individuals 55 and older in Houston, Texas’ historic Third Ward.
The development, spanning two sites on Gray Street, includes 81 units reserved for very low-income seniors and 54 units for low-income residents, helping to address the growing need for affordable housing in the Houston area.
“New Hope Housing Gray is a thoughtful, strategic response to Houston’s deepening affordability crisis,” said New Hope Housing President and CEO Joy Horak-Brown. “We are deeply grateful to FHLB Dallas for making this development a reality. Their investment reflects our shared commitment to strengthening the Third Ward and creating more opportunities for seniors on limited incomes to thrive.”
New Hope Housing Gray also offers financial literacy, workforce preparation and other resident services at no cost. A standout feature of the development is the inclusion of a free Montessori preschool operated by Bezos Academy, which will serve 40 local children annually.
“As a trusted FHLB Dallas member deeply rooted in the community, we remain committed to building a brighter future for all members of the communities we serve,” said Comerica Bank’s Senior Vice President and Director of Community Development Banking Beatrice Kelly. “Affordable housing for seniors like New Hope Housing Gray serves as a foundational catalyst for social progress and economic resilience. By ensuring that older adults can age with dignity and security, our collaborative efforts not only revitalize neighborhoods but also strengthen communities and empower individuals and families.”
AHP funds are awarded through FHLB Dallas member institutions and assist FHLB Dallas members in financing the purchase, construction and 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.
“New Hope Housing Gray is a timely and strategic response to the rising cost of housing in Houston,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “The $2 million AHP grant from FHLB Dallas played a pivotal role in bringing New Hope Housing Gray to life. By funding this development, we’re investing in the long-term stability and opportunity of the Third Ward community.”
In 2024, FHLB Dallas awarded $44.7 million in AHP General Fund grants to Texas-based affordable housing projects. The grants will help create 2,409 new or rehabilitated housing units. FHLB Dallas will announce 2025 grant awardees this fall
