DALLAS, July 24, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $68,469 Affordable Housing Program (AHP) grant to the Fuller Center of Webster, Inc. to construct new homes for seven very low- to low-income families currently living in substandard conditions. Funding was made available through Citizens Bank & Trust Company in Springhill, Louisiana.
The Fuller Center is a partnership program that works with very low-income and low-income homebuyers to construct adequate housing. For 16 years, the Fuller Center was an affiliate of Habitat for Humanity, but became a Covenant Partner of The Fuller Center for Housing in 2007. Charlie Park, Executive Director of the Fuller Center of Webster, said that the Fuller Center of Webster buys the materials, assists with the construction along with the homebuyer and volunteers, then sells the house to the homeowner for exactly what it cost to build with a no-interest mortgage and no profit.
"The families we partner with are good, hardworking people that are living in substandard conditions," said Mr. Park. "Our organization builds in the entire parish of Webster, assisting people that have no other access to corporate grant funds. The Federal Home Loan Bank of Dallas has proven to be a fantastic partner in our projects."
Kay Hughes, Assistant Vice President at Citizens Bank and Trust Company, worked closely with Mr. Park to obtain the grant.
"Citizens Bank & Trust Company has worked with the Fuller Center of Webster, formerly Webster Habitat for Humanity, with great success for many years," said Ms. Hughes. "Fuller Center of Webster has proven to be a highly responsible organization that proactively finds qualified home owners. We are proud to partner with them in their mission to eliminate sub-standard housing in our area."
Seven low-income families will receive down payment, mortgage buy-down, and closing cost assistance from the 2009 AHP grant- six families in Minden, Louisiana; and one in Taylor, Arkansas. Of the seven families, two are Hurricane Katrina victims. Applicants are required to complete 500 sweat equity hours before their home can be purchased. At least 100 hours must be completed on another family's home, and the remaining hours may be completed on their own home. Homebuyers are also required to complete homeowner education courses prior to purchase. Since 1991, the Fuller Center of Webster has assisted 36 families in Webster Parish, Louisiana and Columbia County, Arkansas.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions. So far in 2009, FHLB Dallas has awarded $5.4 million in AHP grants to 25 affordable housing projects through its five-state District, including $1,189,500 in the state of Texas, which will result in the creation or renovation of 178 affordable housing units in 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 $68.7 billion as of March 31, 2009, 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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