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FHLB Dallas Awards $389K in Affordable Housing Program Grants to Arkansas Projects

Federal Home Loan Bank of Dallas Logo

DALLAS, Oct. 5, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that it has awarded $389,000 in Affordable Housing Program (AHP) grants, through certain of its member institutions, to help fund the construction or renovation of 51 housing units in Arkansas.

The funding is part of the $7.6 million in AHP grants that FHLB Dallas awarded in 2012 to assist with the development of affordable owner-occupied and rental housing for very low- to moderate-income families and individuals.

"I am pleased that three well deserving organizations: Habitat for Humanity of Pulaski County, Independence Village, Inc. and Mammoth Spring Housing, Inc. will benefit from this generous grant from FHLB Dallas," said Arkansas Lieutenant Governor Mark Darr. "Since 2008, FHLB Dallas has awarded 37 Affordable Housing Program grants in the state of Arkansas totaling nearly $6.8 million. This year alone 51 families will be positively impacted."

Projects receiving AHP funds this year range from rehabilitation projects for very low-income multifamily housing to construction of new homes for very low-income, first-time homebuyers.

"The Affordable Housing Program has been providing crucial gap funding for affordable housing projects in our members' communities since 1990," said FHLB Dallas President and CEO Terry Smith. "This year, FHLB Dallas has awarded another $7.6 million in AHP funding through our members, and we are pleased that the funds will be utilized to help families attain homeownership and assist in improving the conditions of existing apartment complexes."

Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants made through its member institutions to benefit residents of communities in the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

Below is a summary of the grants that were awarded to Arkansas projects:

  • Habitat for Humanity of Pulaski County received $99,000 through Bank of the Ozarks to construct 11 homes for very low-income residents in Pulaski County, including six homes for special needs households.
  • Independence Village, Inc. received $150,000 through First Security Bank to assist with the rehabilitation of a 20-unit apartment community for very low-income seniors in Newark, Arkansas.
  • Mammoth Spring Housing, Inc. received $140,000 through First Security Bank to rehabilitate a 20-unit, multifamily development in Mammoth Spring, Arkansas, for very low-income residents, most of whom are elderly or disabled.

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

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

Source:Federal Home Loan Bank of Dallas