Comerica and FHLB Dallas celebrate opening of affordable housing
Local politicians, including Houston Mayor Sylvester Turner, turned out to celebrate the mid-October grand opening of New Hope Housing Savoy — a multimillion-dollar, 120-unit supportive housing project built with the assistance of a $750,000 Affordable Housing Program subsidy provided by the Federal Home Loan Bank of Dallas through its member, Dallas-based Comerica Bank.
NHH Savoy will provide families and individuals with low- to modest-incomes with affordable housing options in the Gulfton-Sharpstown neighborhood of Houston.
“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,” stated Baker. “We are delighted to have partnered with FHLB Dallas to help bring this landmark project to fruition.”