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Grant Funds Aid Rehabilitation Efforts for Ackerman Affordable Housing Community

Federal Home Loan Bank of Dallas Logo

ACKERMAN, Miss., Nov. 21, 2012 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that it has awarded a $101,000 Affordable Housing Program (AHP) grant to West Alabama Affordable Housing Corporation to assist in the revitalization of one of its affordable housing properties in Ackerman, Mississippi. The AHP grant was awarded through Wells Fargo & Company (an FHLB Dallas member institution).

Oakwood Apartments, a 44-unit affordable housing community for residents 62 and older, will soon receive a much-needed face-lift thanks in part to this grant. One of the main goals of the renovation is to bring the property into compliance with life and safety codes of the Americans with Disabilities Act (ADA). Oakwood Apartments was originally constructed in the early 1990s, and the upcoming renovations will include additional sidewalks, walkways, and ramps and railings to make the property more handicapped accessible. The rehab will also include several energy saving features and will strive to meet a minimum ICC 700 – 2008 National Green Building Standard, BRONZE level.

Aesthetic renovations will include the replacement of exterior doors and windows, and the installation of new kitchen and bathroom cabinets and countertops, appliances, and heating and air conditioning systems. New interior and exterior improvements for the enjoyment of its residents will also be added, including a wireless security system for each unit, a business center, community room, gazebo, and a picnic area.

Greg Williams, project development manager for West Alabama Affordable Housing Corporation, said he hopes the renovations will make the property more marketable and address to the needs of its residents.

"We are very excited to have received this AHP grant and to move forward in giving this property a complete makeover," said Mr. Williams. "We really needed to preserve the property and ensure that it is maintained as affordable housing. We greatly appreciate the support of the FHLB Dallas and Wells Fargo in making this renovation possible."

AHP grants are awarded through FHLB Dallas member financial institutions, such as Wells Fargo, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. This year, FHLB Dallas awarded $7.6 million in AHP funding to 27 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 1,150 housing units across the District. West Alabama Affordable Housing Corporation was one of 13 Mississippi projects to receive an AHP grant in 2012.

"Wells Fargo prides itself in helping to meet the needs of the communities it serves," said Linda Nelson, an operations manager in Community, Lending & Investment at Wells Fargo. "We are very excited to partner with West Alabama Affordable Housing Corporation and sponsor their efforts through FHLB Dallas's Affordable Housing Program. The renovations to Oakwood Apartments will help provide sustainable housing to low-income families for many decades to come."

West Alabama Affordable Housing Corporation hopes begin the renovations in early 2013.

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 $35.2 billion as of September 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