DALLAS, Feb. 27, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (Bank) is pleased to announce that the Bank, in conjunction with Amegy Bank, has awarded a $73,000 Affordable Housing Program (AHP) grant to help families with disabilities purchase a first home.
The grant has been awarded to United Cerebral Palsy (UCP) of Greater Houston for the organization's housing initiative, Home of Your Own. AHP funds will be used to provide first-time homebuyers in Harris, Fort Bend and Montgomery counties with down payment and closing costs assistance. The money can be used for households that have a family member -- adult or child -- with a disability.
"The down payment assistance that FHLB Dallas is helping with allows families to obtain a mortgage that they can afford, so that they can save money and remain in their homes if they have a sickness or other unexpected costs," said Elise Hough, UCP of Greater Houston's chief executive officer.
UCP hopes to use the AHP funds in conjunction with federal HOME funds through Montgomery County and the City of Houston, as well as down payment assistance through the Texas Department of Housing and Community Affairs. UCP of Greater Houston has set aside $3,000 of the AHP funds for homebuyer's education and financial literacy classes.
"This (grant) could be what puts them over the hurdle to know they can afford a home," Hough said. "Part of why we are so thrilled to have been chosen for this grant is this money really does make homeownership possible. Without it there are families that would need additional government assistance, or have to live in substandard housing."
The Federal Home Loan Bank of Dallas (Bank) returns 10 percent of its profits each year to the communities served by member institutions in the form of Affordable Housing Program grants issued through its member financial institutions. In 2008, the Bank awarded $17.5 million in AHP grants, including $7.9 million to help create or renovate 1,600 housing units in Texas.
The grants are issued through member financial institutions, such as Amegy Bank in Houston.
"Amegy is a great supporter and friend of United Cerebral Palsy," Hough said. "They are our bankers and also sponsor some of our events and programs. Their support of this process is really going to make the dream of ownership possible for a lot of families, who for otherwise it wouldn't be possible."
Brian Stoker, Community Banking Manager for Amegy Bank of Texas, said Amegy is honored to be part of such a worthy project.
"Amegy Bank was founded upon the principles of giving back to the community, and United Cerebral Palsy of Greater Houston also shares this vision," Stoker said. "Affordable housing is more important than ever in today's economy, and we are proud to be able support this type of program for our local communities."
About United Cerebral Palsy of Greater Houston
UCP of Greater Houston is a nonprofit organization that assists individuals and their families with cerebral palsy and other disabilities. UCP has offered down payment assistance to more than 100 homeowners since Home of Your Own's inception in 2000. Last year, the program helped 14 residents purchase homes, and provided homebuyer education to about 300 people.
About Amegy Bank of Texas
Amegy Bank of Texas is one of the fastest growing banks in Texas, with assets of more than $12 billion. Amegy, with more than 85 locations in the state, specializes in commercial banking as well as private financial management and trust services for families and individuals, and retail and mortgage banking services. Amegy is a part of the Zions Bancorporation (Nasdaq:ZION).
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. The Bank, with total assets of $78.9 billion as of December 31, 2008, 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 web site at fhlb.com.
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