RUSSELLVILLE, Ark., April 12, 2010 (GLOBE NEWSWIRE) -- The Universal Housing Development Corporation (UHDC) was awarded a $217,500 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas), issued through Bank of the Ozarks.
The AHP funds will be used to assist 35 very low- to low-income families with the construction of their homes and/or down payments and closing costs. UHDC is a nonprofit construction program in Russellville, Arkansas, that assists with the development of affordable housing units for families in rural Arkansas counties. The organization partners with USDA's Mutual Self-Help Program, through which families are able to contribute "sweat equity" by participating in the construction of their homes.
"A lot of the families that go through the Self-Help Program are very low income and they don't have the money for the closing costs," said Beverly Massey, office manager for UHDC.
The AHP grant will assist 25 very low-income families and 10 low-income families. The homes will be scattered throughout Pope, Yale, Conway, Johnson, and Logan counties -- the five counties UHDC serves. The families are selected from the Mutual Self-Help Program's waiting list, which currently has 140 people waiting for homes, according to Ms. Massey.
"Bank of the Ozarks is proud that we will play a role in helping 35 families obtain homes of their own," said Martie North, vice president and director of community development for Bank of the Ozarks. "We truly value our partnership with UHDC and FHLB Dallas. Working together, we will be able to lower the cost of these homes for families who really need the assistance."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects throughout its five-state District, including nearly $2.1 million in Arkansas, which will result in the creation or renovation of 270 affordable housing units within the state. In 2010 FHLB Dallas will offer up to $18.6 million in AHP grants.
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 $65.1 billion as of December 31, 2009, 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 FHLB Dallas web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013
About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $2.77 billion in total assets as of December 31, 2009 and trades on the NASDAQ Global Select Market under the symbol "OZRK." The Company owns a state-chartered subsidiary bank that conducts banking operations through 73 offices including 65 banking offices in 34 communities throughout northern, western and central Arkansas, seven Texas banking offices, and a loan production office in Charlotte, North Carolina. The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company's website is: www.bankozarks.com.