HARRISON, Ark., Feb. 23, 2012 (GLOBE NEWSWIRE) -- Kelcey Knapp had two things to celebrate this new year. He and his wife, Kaytlin welcomed a new baby girl in November, and they were able to bring her home to a brand new three-bedroom, two-bathroom home.
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Mr. Knapp is a product delivery driver for a soft drink bottling company located in Harrison Arkansas, and Mrs. Knapp is a photographer, but with a second child on the way they knew they needed more space.
With the help of an Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks, the Knapps were able to receive down payment and closing cost assistance on their new home in Harrison, Arkansas. It was built just in time for their new addition.
"We needed a bigger place because we started having kids," Mr. Knapp said. "Everything seemed pretty expensive and we didn't know if we could ever afford a house payment. We were at church and a lady spoke about this program. We looked into it and it seemed like a good deal. We're very glad that we found out about it."
The Knapps were assisted by funds from a $67,500 AHP grant awarded by Bank of the Ozarks and FHLB Dallas to the Northwest Regional Housing Authority (NWRHA) in 2008. The AHP grant assisted a total of 15 families with down payment and closing costs.
"Bank of the Ozarks has had a longstanding relationship with the Northwest Regional Housing Authority and FHLB Dallas, and we are pleased that 15 hard-working families have benefitted from that partnership," said Martie North, vice president and director of community development at Bank of the Ozarks.
The Mutual Self-Help Housing Program assists low-income families with homeownership. Participants in the program agree to help each other build their homes and form building cooperatives. Homeowners build "sweat equity" by contributing 65 percent of the construction labor. The housing loans for the participating families are funded through the United States Department of Agriculture (USDA) Rural Development's Section 502 loan funds, which assist low-income families purchasing homes in rural areas.
"Whatever costs we can help our families out with gives them more money in their construction loan. It keeps the cost down and therefore they have more equity in their home," said Vickey Stratton, group coordinator for NWRHA's Mutual Self-Help Housing Program. "It's really a great experience to be able to help young families get to the point of homeownership with little or nothing down, especially in this economy."
The Knapps are now settled into their new home with their son and daughter.
"We're excited because it feels pretty good," Mr. Knapp said. "There is no way we would have been able to afford a house like this without the help. It's just unreal."
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.
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 $33.8 billion as of December 31, 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.
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About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $3.84 billion in total assets as of December 31, 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. The Austin office may be contacted at (512) 279-0110.
The photo is also available via AP PhotoExpress.
