Upward Housing Group Received $1.5M Grant Toward Construction Costs

A $1.5 million Affordable Housing Program (AHP) grant from Federal Home Loan Bank of Dallas (FHLB Dallas), through Arvest Bank, helped support today’s grand opening of Harrison Estates Senior Housing, the first affordable senior housing development in this area in more than a decade.

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From left to right: Virgil Miller, Arvest Group CRA director; Matthew Darst, principal of Upward Housing Group; and Steven Matkovich, AHP General Fund manager at FHLB Dallas at the grand opening of Harrison Estates Senior Housing in Harrison, Arkansas, the first affordable senior housing development in the community in more than a decade.

The 60-unit community located along Highway 123, Harrison Estates Senior Housing provides an infusion of affordable senior rental options in Boone County, where no or few vacancies have been available in recent years. The development includes one- and two-bedroom units, with 60 percent available to residents earning at or below 50 percent of the Area Median Income (AMI) and the remainder at or below 60 percent AMI.

The AHP grant, awarded to Upward Housing Group, provided essential gap funding for the development to make it to the finish line, said Matthew Darst, principal of Upward Housing Group.

“Harrison Estates Senior Housing represents the type of community impact we strive for,” Mr. Darst said. “This development offers seniors a modern and affordable place to live with supportive programs that help them stay active, connected and independent.”

The community’s amenities include a clubhouse with flexible space for resident gatherings, a computer center with Wi-Fi, a book exchange and a laundry facility. Weekly programming will focus on wellness and community engagement, including financial literacy sessions supported by Arvest Bank.

“Arvest Bank is honored to support this important project with an FHLB Dallas AHP grant,” said Virgil Miller, Arvest Group CRA director. “We are proud to partner with FHLB Dallas and Upward Housing Group in bringing more affordable housing to the Harrison community.”

FHLB Dallas also underscored the significance of the project.

“AHP grants have allowed our members to strengthen housing opportunities throughout Arkansas,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas. “We’re pleased to see this development come to life for local seniors.”

AHP grants are awarded through FHLB Dallas member institutions such as Arvest Bank and assist in financing the purchase, construction and rehabilitation of housing for households earning at or below 80 percent of the median income for the area. FHLB Dallas awarded $73.5 million in AHP grants in 2025, and the 2026 AHP awards will be announced this month.

About Arvest Bank

With more than $28 billion in assets, Arvest is a full-service bank delivering financial solutions to individuals and businesses of all sizes. Since 1961, Arvest has been committed to providing financial solutions that help communities thrive and grow. Today, the bank has more than 200 locations throughout Arkansas, Oklahoma, Kansas and Missouri. Arvest is an Equal Housing Lender and Member FDIC. To learn more, visit arvest.com.

About 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 $107.8 billion as of June 30, 2026, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and credit products to approximately 780 member institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit fhlb.com.

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“AHP grants have allowed our members to strengthen housing opportunities throughout Arkansas,” said Greg Hettrick, senior vice president and director of Community Investment at FHLB Dallas.