BENTON, Ark., Sept. 7, 2011 (GLOBE NEWSWIRE) -- Habitat for Humanity of Saline County, Arkansas, (HFH Saline County) will complete five additional homes for very low-income, first-time homebuyers within its Partnership Village development with the help of a $49,366 Affordable Housing Program (AHP) grant.
The AHP grant, awarded by the Federal Home Loan Bank of Dallas (FHLB Dallas) through Bank of the Ozarks (an FHLB Dallas member), will be used to offset a portion of the construction costs thereby lowering the homebuyers' mortgages, according to Karma Herzfeld, executive director of HFH Saline County.
Partnership Village is a neighborhood consisting only of Habitat homes. HFH Saline County is constructing the homes on a 12-acre site that was donated to the organization. Currently 25 families reside within Partnership Village. HFH Saline County plans to expand that number to 65 families over the next five to 10 years.
"Our affiliate is very fortunate to have received the AHP grant for the next funding cycle," Ms. Herzfeld said. "It will allow us to continue building affordable homes here in Saline County and to stay on schedule with our goals for the next year."
This year's AHP grant was awarded through Bank of the Ozarks, which has partnered with HFH Saline County on two previous grants for Partnership Village.
"We are again pleased to be working with Habitat of Saline County" said Eric Gustafson, community development officer for Bank of the Ozarks. "We are committed to continuing our partnership far into the future."
Since 2006, HFH Saline County has received six AHP grants for Partnership Village, totaling nearly $344,000.
Sophia Hodge, a 39-year-old single mother, was able to purchase her home in Partnership Village with the help of a past AHP grant that HFH Saline County received. Ms. Hodge has rented her entire life, but as her family grew, she needed more space, and she needed her home to be affordable. In addition to her two children, she adopted a deceased sibling's three children.
"Now I'm able to buy food without struggling," she said about the smaller mortgage on her home. "I've never had my own home before. I've always rented or lived with other people. I love being a homeowner. I thank God every day for it."
Ms. Hodge's four-bedroom, two-bathroom home has plenty of room for her family.
"My kids love the house," she said. "They have lots of kids in the neighborhood to play with."
HFH Saline County uses volunteer labor and donations of money and materials to build homes for low-income families. The families contribute "sweat equity" by participating in the construction of their homes.
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by its member institutions in the form of AHP grants. AHP grants are used to purchase, construct, and/or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. In 2011, FHLB Dallas awarded $11 million in AHP grants to 53 housing projects that will help create, renovate, or purchase 1,653 housing units, including more than $1 million to assist with 135 housing units in Arkansas. Three AHP grants totaling more than $270,000 were issued through Bank of the Ozarks in 2011.
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 $31.4 billion as of June 30, 2011, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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 website 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 $4.03 billion in total assets as of June 30, 2011 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 113 offices in Arkansas, Georgia, Texas, Florida, North Carolina, South Carolina and Alabama. 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.