HOUSTON, Sept. 15, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded a $73,000 Affordable Housing Program (AHP) grant to support United Cerebral Palsy (UCP) of Greater Houston's "Home of Your Own (HOYO)" housing program. The grant will assist with down payment and closing costs for 10 low-income, disabled, first-time homebuyers in Harris, Fort Bend, and Montgomery counties.
UCP has successfully assisted approximately 120 qualified families obtain homeownership in the Houston area. Recipients must either have a disability, or live with at least one member of the household who is disabled. Qualified recipients must have a median income of less than 80 percent of the average median income for the area, as well as qualify for a 30-year fixed rate mortgage. Homebuyers are required to complete a homebuyer's education course, and are responsible for the purchase and maintenance of their home.
"I love this program," said Elise Hough, chief executive officer at UCP of Greater Houston. "We are proud to say that all of the individuals and families we have assisted through HOYO have successfully stayed in their home. It is absolutely remarkable, and we could not continue to assist these families without the support of programs like AHP. The grant assistance has had a tremendous impact on the quality of life for our recipients."
Ms. Hough explained that once the recipient families move into their new home, they express a sense of pride and hope. Ms. Hough said the new homes are typically located in safer neighborhoods with better schools, and a better surrounding environment. She said the recipients take pride in being able to afford their mortgage payments and taxes because it helps them feel more connected to the community.
This marks the third AHP grant awarded to UCP of Greater Houston, and Amegy Bank has been the sponsor for all three grants. Brian Stoker, senior vice president at Amegy Bank, has worked with UCP of Greater Houston on each grant, and said their continued partnership has proven to be a great asset for the recipient families.
"By utilizing our resources, we are able to pull together as many funding sources as possible to make these projects a success," said Mr. Stoker. "The individuals and families that receive portions of the grant funds are so appreciative. UCP of Greater Houston is such a giving organization, and Amegy Bank is proud to be a part of the process. We receive incredible thank-you letters from people receiving grant funds, and it reminds us why we continue to do everything we can to help."
Both Ms. Hough and Mr. Stoker said they look forward to the success that this third AHP grant will bring to HOYO. Ten more families will receive assistance and will be able to purchase a safe and affordable home thanks to the efforts of UCP of Greater Houston, Amegy Bank, and FHLB Dallas.
"We are so grateful for our partnership with Amegy Bank," continued Ms. Hough. "AHP allows us to achieve so much, and Brian has been a great resource to us. He is always so positive and has this "let's do it" attitude that has helped us receive additional funding that may not have been possible without AHP."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions, such as Amegy Bank, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households. In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions to 79 housing projects, which will help create or renovate 2,632 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Of the $18.5 million awarded, $5.5 million was allocated to projects in Texas which will create or renovate 912 housing units within the state.
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 $57.1 billion as of June 30, 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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