Federal Home Loan Bank of Dallas Makes Available $10M in Affordable Housing Program Grants

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DALLAS, March 11, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (Bank) is pleased to announce that $10 million in Affordable Housing Program (AHP) grants are available in 2013.

The Bank's AHP is a competitive grant program that operates through the Bank's member financial institutions. It is designed to assist member institutions in funding the development of affordable owner-occupied and rental housing for very low- to moderate-income families and individuals in the communities served by the Bank's members. The AHP grants are a resource to help the Bank's members meet the affordable housing needs in their communities.

Since 1990, the Bank has awarded more than $219 million in AHP and AHP set-aside grants, through its members, to assist more than 41,000 families in obtaining an affordable place to live.

"As the economy recovers, critical housing projects that were unable to receive funding during the financial crisis are being revisited," said Bank President and CEO Terry Smith. "AHP has always been a valuable source of gap funding for affordable housing projects in our members' communities, and the Bank is pleased to be able to provide $10 million in grant funds to assist in meeting those funding needs."

AHP grant applications for the 2013 funding cycle will be accepted through the close of business on April 1, 2013. Applicants may apply for up to $500,000 in AHP funds per project. Applications are available through the Bank's AHP Online Application in the AHP section of the Bank's website at fhlb.com.

All eligible member institutions within the Bank's five-state district may access these funds for their own programs or for programs initiated in conjunction with nonprofit organizations, state or local governments, or for-profit developers, subject to the terms and conditions of the AHP. A list of the Bank's members is available on its website at fhlb.com/member/.

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 $35.8 billion as of December 31, 2012, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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.

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