DALLAS, Sept. 27, 2011 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce that in conjunction with its member institutions, it has awarded more than $3.3 million in Affordable Housing Program (AHP) grants to 14 low- to moderate-income housing projects throughout the state of Texas. These funds will go toward building or renovating 660 affordable housing units across the state.
AHP grants are awarded through FHLB Dallas member institutions to assist in financing the purchase, construction, or rehabilitation of very low- to moderate-income single-family, rental, transitional, and multi-family housing units.
"For more than 20 years, FHLB Dallas has been committed to helping our members address the affordable housing needs of their communities," said FHLB Dallas President and CEO Terry Smith. "The AHP has played a key role in filling the funding gaps and seeing these projects through to completion."
Projects receiving AHP funding in Texas this year include a transitional housing facility for homeless veterans, down payment and closing cost assistance for income-qualified, first-time homebuyers, and emergency modifications and repairs for qualified very low-income and disabled homeowners.
Habitat for Humanity affiliates across the state regularly apply for AHP funding to assist in new construction or home rehabilitation projects. Four Habitat affiliates in Texas received AHP funding in 2011.
"Habitat for Humanity is always excited to partner with FHLB Dallas and its Affordable Housing Program," said Matt Hull, executive director for Habitat for Humanity of Texas. "By working with local FHLB Dallas member financial institutions, the AHP allows Habitat for Humanity to responsibly help more working Texans become homeowners."
About the Affordable Housing Program
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants, which are awarded to projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Since 1990, FHLB Dallas has awarded more than $214 million in AHP grants, assisting approximately 40,000 families with their affordable housing needs.
Below is a summary of the grants that were awarded to Texas projects, which total $3,325,057 for 660 units:
- The Bryan/College Station Habitat for Humanity received $112,800 through The Bank & Trust of Bryan/College Station to assist 20 first-time homebuyers with down payment and closing costs on a new home in the Angels Gate Subdivision in Bryan.
- Catholic Charities of the Archdiocese of Galveston – Houston received $500,000 through Amegy Bank of Texas to assist in the construction of an 84-unit housing facility for low-income residents in Houston.
- The City of Victoria received $245,000 through First Victoria Bank to assist 35 special needs homeowners in Victoria with emergency home repairs and modifications.
- Community Development Corporation of Brownsville received $140,000 through Lone Star National Bank to rehabilitate 20 very low-income homes in the rural Colonia areas of Cameron and Willacy Counties.
- Habitat for Humanity of Jefferson County received $60,000 through Mobiloil Federal Credit Union to construct six single-family homes for low-income, first-time homebuyers in Beaumont.
- Habitat for Humanity of Texarkana received $10,000 through BancorpSouth Bank to assist in the construction of a single family home for a low-income, first-time homebuyer in Texarkana.
- Habitat for Humanity Victoria received $19,257 through NewFirst National Bank to provide down payment and closing cost assistance to three families in Victoria County.
- Lakewest ALF Realty, LLC received $500,000 through Amegy Bank of Texas to assist in the construction of a 130-unit senior living community in Dallas.
- The Mary Lee Foundation received $360,000 through Frost National Bank to construct The Legacy, a three-story, 40-unit multifamily apartment community for low-income and special needs residents in Austin.
- Methodist Mission Home received $140,000 through Broadway National Bank to assist in the rehabilitation of a 14-unit transitional living facility on its campus in San Antonio that houses low-income, special needs residents.
- Proyecto Azteca received $140,000 through the International Bank of Commerce to assist 20 very low-income residents living in the Colonia communities along the Texas and Mexico border with down payment and closing cost assistance on newly constructed homes in Hidalgo County.
- Temenos Community Development Corporation received $500,000 through Amegy Bank of Texas to assist in the conversion of an existing facility into an 80-unit supportive housing community for very low-income and homeless residents in Houston.
- Travis Street Plaza received $500,000 through Amegy Bank of Texas to assist in the construction of a five-story, 192-unit supportive housing community for homeless veterans in Houston.
- Village Learning Center, Inc. received $98,000 through Amegy Bank of Texas to assist in the construction of a 15-unit apartment community for special needs residents in Kingwood.
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 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 website at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013