LITTLE ROCK, Ark., Dec. 3, 2012 (GLOBE NEWSWIRE) -- Representatives from three Little Rock, Arkansas-area banks awarded $24,000 to the University District Development Corporation (UDDC) to assist UDDC with operational expenses associated with its affordable housing program.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16066
Representatives from First Security Bank, Simmons First National Bank, Summit Bank, and the Federal Home Loan Bank of Dallas (FHLB Dallas) attended a media event today at UDDC's offices.
Partnership grants are offered through FHLB Dallas's member institutions to provide funding for the operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches a member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio. Through its member institutions, FHLB Dallas awarded $225,000 in partnership grants in 2012.
UDDC, which is located on the campus of the University of Arkansas at Little Rock, is a nonprofit organization that helps strengthen and improve the quality of life for residents in University District neighborhoods by increasing homeownership and the supply of affordable housing, making improvements to infrastructure, and conducting other improvement activities.
Through its affordable housing program, UDDC purchases and rehabilitates single-family homes which are then sold as affordable housing units to income-qualified homebuyers. The Partnership Grant Program (PGP) funds will assist with architectural design fees and other soft costs that aren't typically covered by other grants.
"The PGP is a much-needed financial capacity building grant for start-up organizations," said Barrett Allen, community development program officer for UDDC. "The funds are critical during these economic times and will allow us to leverage the partnership grant with other funds to increase production for our affordable housing program."
UDDC plans to build three new homes and rehabilitate two existing structures in 2013. "This will be no small accomplishment for the organization as we strive to increase the availability of affordable housing units in the University District," Mr. Allen added.
Little Rock Ward 2 City Director Ken Richardson expressed his appreciation for the collaborative award.
"I want to thank First Security Bank, Simmons First National Bank, Summit Bank, and the Federal Home Loan Bank of Dallas for partnering with the University District Development Corporation's affordable housing program," Director Richardson said. "The Partnership Grant Program funds will help the UDDC continue its efforts to address some of the infrastructure and human capital needs of Ward 2. We will be able to provide affordable housing while continuing our revitalization work and creating a new identity for the area."
Three community financial institutions awarded PGP funds to UDDC this year.
First Security Bank and FHLB Dallas awarded $10,000 to UDDC.
"First Security Bank is proud to provide funding to support UDDC's affordable housing program," said Stuart Norton, vice president of First Security Bank. "As a community bank, we strive to be a good neighbor, and through our partnership with FHLB Dallas and UDDC, we show our commitment and willingness to give back to the communities we serve."
Simmons First National Bank and FHLB Dallas awarded $10,000 to UDDC.
"At Simmons First, part of our community banking philosophy includes giving back to the communities that we serve in an effort to improve the quality of life," said Adam Mitchell, community executive with Simmons First National Bank. "We can only be as good as the communities that we serve. Simmons First is a proud supporter of the University District Development Corporation and is honored to be associated with an organization that shares some of our core values."
Summit Bank and FHLB Dallas awarded $4,000 to UDDC.
"Summit Bank is pleased to assist in a small way with the University District Development Corporation's efforts," said J. Russell Guerra, president - Little Rock Region at Summit Bank. "They align nicely with our community reinvestment activities and we appreciate the matching funds provided by the Federal Home Loan Bank of Dallas."
Arkansas State Senator Joyce Elliott, D-Little Rock, also made an appearance at today's event.
"I applaud the UDDC for its commitment to helping improve the quality of life for residents in the University District. Homeownership is central to the stability and upward mobility of our residents," Senator Elliott said. "In addition, I applaud our community banks and FHLB Dallas for their support and commitment to the work of the UDDC. The University District has become a sought-after neighborhood in which to live. With this kind of collaboration, the demand and desirability will only increase."
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 advances 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
The photo is also available via AP PhotoExpress.
CONTACT: Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
Source:Federal Home Loan Bank of Dallas