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A $245K Affordable Housing Grant Will Assist Elderly Homeowners in Harris County

Federal Home Loan Bank of Dallas Logo

HOUSTON, Oct. 4, 2012 (GLOBE NEWSWIRE) -- Rebuilding Together-Houston, a nonprofit community outreach organization, was awarded a $245,000 Affordable Housing Program (AHP) grant through the Federal Home Loan Bank of Dallas (FHLB Dallas) and Amegy Bank of Texas.

Rebuilding Together-Houston supports elderly Harris County residents who cannot physically or financially make improvements to their homes.

"Amegy Bank is proud to support Rebuilding Together-Houston in its efforts to provide low income and elderly homeowners with the critical home repairs they need so that they can stay in their homes and have a safe place to live," said Amegy Bank Senior Vice President and Community Banking Manager Brian Stoker. "In the past five years, Amegy has partnered with the FHLB Dallas to facilitate more than $900,000 in AHP grants for Rebuilding Together-Houston to use in critical projects such as roofing, electricity, and plumbing for homeowners who would not be able to make these repairs on their own."

Using AHP grants and partnering with licensed contractors and hundreds of volunteers to extend the life of Harris County homes, Rebuilding Together-Houston is creating a safe place for elderly citizens to call home.

"The combination of the AHP grants, generous contractors, and willing volunteers does more than just repair roofs and fix plumbing," said Jennifer Touchet, executive director of Rebuilding Together-Houston. "We are revitalizing Harris County neighborhoods."

Repairs could consist of expensive roof replacement, HVAC system replacement or foundation repairs, which most low-income residents are unable to afford. Some homes need electrical, plumbing and water supply delivery system improvements, which may require immediate attention.

AHP funds are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. In 2012, FHLB Dallas awarded $7.6 million in AHP grants through members, such as Amegy Bank of Texas, to create 1,150 new or rehabilitated housing units. Two grants totaling $745,000 were awarded through Amegy Bank of Texas.

Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants that are distributed through its member institutions, such as Amegy Bank of Texas. AHP grants assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households located primarily within FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

"Rebuilding Together-Houston and Amegy Bank have been long time partners and working with Mr. Stoker, who also serves on our board, has been a great experience," said Ms. Touchet.

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 $34.7 billion as of June 30, 2012, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

About Amegy Bank of Texas

Amegy Bank of Texas is a leading Texas bank with $12 billion in assets. Founded in 1990, Amegy has a strong tradition of relationship banking, local decision making and financial expertise. Amegy specializes in banking businesses of all sizes, and has the resources to provide financing, investment management, treasury management solutions, international banking, as well as other specialized services. Equally important, the bank offers individuals and families a wide range of depository, lending, mortgage, wealth management, trust and brokerage services. With more than 80 locations across Houston, Dallas and San Antonio, Amegy is dedicated to serving Texas communities, families and businesses. Each year, Amegy Bank donates more than $1 million to area nonprofit organizations and schools, as part of its mission to support the communities in which it does business. Amegy is a part of the Zions Bancorporation (Nasdaq:ZION) collection of great banks. To learn more about Amegy, visit www.amegybank.com.

CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445

Source:Federal Home Loan Bank of Dallas