DALLAS, Feb. 28, 2007 (PRIME NEWSWIRE) -- Congressman Solomon Ortiz (TX-27) announced the awarding of $340,000 in affordable housing grants by the Federal Home Loan Bank of Dallas provided through their member financial institutions. Grants to the three projects will create affordable home ownership in Nueces and Cameron counties.
"A person's home is their castle, and a home represents much of how we see ourselves," said Ortiz. "Yet, it's often the case that working families simply don't have the means to purchase a home, so I'm pleased when the Federal Home Loan Bank of Dallas offers capital to make new lives for South Texans."
Grant recipients include:
-- Community Development Council of Brownsville will receive
$120,000 toward assisting low-income families with down-payment
or principal reduction for home purchases, made available through
First Community Bank
-- Community Development Council of Brownsville will receive
$120,000 toward Summer Hill Subdivision development, where 115
affordable single family homes will be constructed and qualified
families will receive principal reduction assistance, made
available through the International Bank of Commerce
-- Corpus Christi Housing Authority will receive $100,000 toward a
Section 8 homeownership project that will enable very low income
families to become first time homeowners, made available through
Frost National Bank
The Federal Home Loan Bank of Dallas invests 10 percent of its earnings each year in Affordable Housing Program (AHP) grants provided through member financial institutions.
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. The Bank, with total assets of $58.2 billion as of September 30, 2006, 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 Bank's website at www.fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.primezone.com/newsroom/prs/?pkgid=3013