DALLAS, March 20, 2014 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it is offering, through its member institutions, $11 million in Affordable Housing Program (AHP) grants in 2014.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income families throughout FHLB Dallas' five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The grants are made available through FHLB Dallas' member institutions and are awarded on an annual basis. Community organizations interested in applying for an AHP grant are urged to establish a relationship with an FHLB Dallas member institution, through which the grant application is submitted to FHLB Dallas. April 1, 2014 is the deadline to submit applications via the AHP Online Application portal available through fhlb.com.
AHP grants may be used to purchase, construct, or rehabilitate owner-occupied, transitional, and rental projects for very low- to moderate-income households.
"FHLB Dallas is pleased to make available $11 million in grant funding for 2014," said Interim President and CEO Paul Joiner. "Since the AHP was established in 1990, FHLB Dallas and our members have awarded more than $228 million in AHP and AHP set-aside funds, helping more than 42,000 individuals and families with their housing needs. We look forward to assisting more families with our 2014 grants."
AHP grants are utilized for a variety of projects, including emergency home rehabilitation for low-income, elderly and disabled residents; down payment and closing cost assistance for qualified first-time homebuyers; and the development and construction of low-income, multifamily apartment communities and single-family subdivisions.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $30.2 billion as of December 31, 2013, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas