Affordable Apartments Receive $1M Grant from FHLB Dallas and Arvest Bank
GRAVETTE, Ark.--(BUSINESS WIRE)--Spavinaw Creek Senior Housing, which was built with the help of a $1 million Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Arvest Bank, celebrated its grand opening today in Gravette, Arkansas.
The AHP grant helped pay for the construction of the $7.3 million rental complex for residents ages 55 and older. The one- and two-bedroom apartments are reserved for residents with incomes that are 30 percent to 60 percent of the area's median income.
'The funding allowed us to buy what was an abandoned former assisted living center, demolish it and build brand new affordable housing for seniors in Gravette,' said Matt Darst, principal with Upward Housing Group. 'The AHP grant filling the financing gap for our construction to deliver a fresh, new, energy efficient, affordable housing development that we are all proud of.'
The apartment complex opened in May and is nearly fully occupied, he said.
'Spavinaw Creek Senior Housing addresses an extremely tight affordable housing market in Gravette and provides beautiful new housing that the city's aging residents can afford,' Arvest Group CRA Director Virgil Miller said. 'The support this project received from FHLB Dallas was critical in getting to the finish line.'
The development is near parks and walking trails and includes a clubhouse with a computer center, WiFi access and a book exchange library.
AHP funds 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.
'We value our relationship with Arvest Bank, which has supported many affordable housing developments over the years in Arkansas using our AHP grants,' said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. 'Our AHP grants have a long history of providing gap funding for affordable housing developments throughout our five-state District.'
In 2024, FHLB Dallas awarded $78.9 million in AHP General Fund grants to 41 affordable housing projects. The grants will help create 3,571 new or rehabilitated housing units. FHLB Dallas will announce 2025 grant awardees this fall. Learn more about the FHLB Dallas Affordable Housing Program.
About Arvest Bank
With more than $26 billion in assets, Arvest Bank is a community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and to attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit www.arvest.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $109.9 billion as of March 31, 2025, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 800 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.
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