SPRINGHILL, La., May 12, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $89,691 Affordable Housing Program (AHP) grant, through Citizens Bank & Trust Company, to the Fuller Center of Webster, Inc. The AHP grant will assist seven very low- to low-income families in Webster Parish, Louisiana, with down payments and closing costs.
The Fuller Center of Webster assists people who cannot afford decent housing. The organization raises funds to buy construction materials and uses volunteers to construct homes for families in need of housing. Families contribute 500 hours of "sweat equity" by participating in the construction of their homes. The homes are sold to the homebuyers for the cost to build them, and, in turn, the homebuyers receive a no-interest mortgage.
"The AHP grants will reduce the mortgage and make the house much more affordable for the homeowner," said Charlie Park, executive director of Fuller Center of Webster, Inc.
The Fuller Center already has identified five of the seven homebuyers. Most are located in and around Springhill and Minden, Louisiana. This is the seventh AHP grant the Fuller Center has received through Citizens Bank & Trust Company.
"We have an excellent financial relationship, and Citizens Bank & Trust employees have participated in several of our builds," Mr. Park said. "Citizens Bank has been a great supporter and partner."
Kay Hughes, assistant vice president at Citizens Bank & Trust Company, worked closely with the Fuller Center, formerly Webster Habitat for Humanity, to obtain the grant, and has worked with the Fuller Center of Webster on several previous AHP grants.
"The Affordable Housing Program through FHLB Dallas has been a huge benefit to helping local citizens get out of substandard housing and into simple, decent houses," Ms. Hughes said. "We continue to be excited about working with the Fuller Center of Webster, and we look forward to future partnerships with both FHLB Dallas and Fuller Center of Webster."
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 more than $2.9 million in Louisiana, which will result in the creation or renovation of 378 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 $58.7 billion as of March 31, 2010, 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.
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