MCKINNEY, Texas, Feb. 28, 2013 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and ViewPoint Bank are pleased to announce they have awarded a $49,000 Affordable Housing Program (AHP) grant to North Collin County Habitat for Humanity (NCCHFH). The grant will provide seven first-time homebuyers with down payment and closing cost assistance on newly constructed Habitat homes in McKinney, Texas.
All seven homes will be constructed and sold to qualified Habitat families below 60 percent of the area's median income level. Most of the homes will be located in the east McKinney neighborhood of LaLoma, an older neighborhood that has been designated by the city for revitalization.
Habitat homes are constructed with the assistance of volunteers and sold at cost with an interest-free mortgage to qualified Habitat homebuyers. Qualified applicants are required to meet sweat equity hours by providing hands-on construction labor for other Habitat homes, as well as complete homebuyer education and financial literacy courses.
"We have already closed on five homes thanks to this AHP grant," said NCCHFH Executive Director Celeste Cox. "We plan to begin constructing more homes this spring. We are just thrilled to work with FHLB Dallas and ViewPoint Bank again to obtain the AHP funds and help these homebuyers bridge the funding gap that ultimately puts them into a new home. By working with the city of McKinney and uplifting an older neighborhood, it really turns out to be a win-win situation for everyone."
ViewPoint Bank, an FHLB Dallas member institution in Plano, Texas, is a proud partner of NCCHFH.
"ViewPoint Bank shares in NCCHFH's vision of a world where everyone has a decent place to live, and we are proud to partner in their efforts to improve the lives of people in our community," said Cindy Bathea, CRA development officer at ViewPoint Bank.
AHP grants are awarded through FHLB Dallas member financial institutions, such as ViewPoint Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households. This year, FHLB Dallas awarded $8.3 million in AHP funding to 31 projects across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The funding will result in the creation or rehabilitation of 1,248 housing units across the District.
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 $35.8 billion as of December 31, 2012, 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.
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