DALLAS, Aug. 3, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $210,000 Affordable Housing Program (AHP) grant to the Ruston Housing Authority. Funding was made available through Community Trust Bank in Monroe, Louisiana.
The grant will assist with the construction of Orchard Creek Apartments, a 30-unit complex for very low-income senior residents. Orchard Creek will be centrally located in Ruston, Louisiana, with convenient access to commercial centers, health and service providers, and community organizations. The Ruston Housing Authority will also provide on-campus supportive services at Orchard Creek, including resident empowerment, transportation, awareness and training programs, and community involvement activities. Some of these services include trips to the local food bank, classroom learning environments, potluck luncheons, and weekly game days.
Arthur Schuldt, the contractor for the Ruston Housing Authority, said Orchard Creek is a brand-new, energy-efficient complex that is designed to be affordable for its residents.
"Orchard Creek offers a quiet, community environment with amenities such as new appliances, washers and dryers in each unit, a club room, and a computer and training center," said Mr. Schuldt. "Plus, by installing energy-efficient construction materials and appliances, the overall cost of living remains very affordable for the residents."
Shelia Grayson, Vice President and Community Reinvestment Officer at Community Trust Bank, worked with Arthur Schuldt and the Ruston Housing Authority to obtain the AHP grant from FHLB Dallas.
"Community Trust Bank is honored to be part of such a worthy effort," said Ms. Grayson. "This is one more way to invest in our community. Projects like these will help to ensure success in our community."
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas has awarded $5.4 million to projects within its five-state District, including more than $2 million to projects in Louisiana, resulting in the creation or renovation of 291 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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