DALLAS, July 11, 2007 (PRIME NEWSWIRE) -- U.S. Congressman Pete Sessions (R-Dallas) today announced that the Federal Home Loan Bank of Dallas (Bank) has awarded an Affordable Housing Program (AHP) grant to the Dallas Leadership Foundation.
Each year, the Bank awards AHP grants to community-based organizations for the purchase, construction, or rehabilitation of single-family, transitional and multi-family projects for very low- to moderate-income families. FHLBank of Dallas is one of 12 district banks in the FHLB system created by Congress in 1932. By statute, 10 percent of the Bank's annual profits are set aside for AHP grants.
This year, the Dallas Leadership Foundation (DLF) will receive $150,000 through Guaranty Bank, towards City of Hope, a community-based neighborhood improvement program. DLF partners with many local churches and businesses to rehabilitate houses for low-income homeowners, particularly the elderly and disabled.
"Affordable Housing Program grants have improved communities and fulfilled dreams of homeownership for many low-income citizens," stated Congressman Sessions. "I am pleased that the Federal Home Loan Bank of Dallas, as a congressionally chartered institution, continues its leadership in community assistance."
"I also applaud the charitable investment that the Dallas Leadership Foundation has made in our community through the City of Hope program, and I congratulate them on receiving an Affordable Housing Program grant to assist low-income citizens with much-needed home repairs and improvements," Sessions concluded.
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 $53.3 billion as of March 31, 2007, 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