LITTLE ROCK, Arkansas, Sept. 9, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) today joined Bank of the Ozarks in awarding a $10,000 Partnership grant to the Arkansas Coalition of Housing & Neighborhood Growth for Empowerment (ACHANGE).
ACHANGE is a coalition of Arkansas community-based organizations that promotes affordable housing and community economic development throughout the state. The organization supports education, provides training, encourages responsible growth and sustainability, and influences policy. ACHANGE will use the grant toward strategic planning and other operational costs.
"The grant funds received from Bank of the Ozarks and Federal Home Loan Bank of Dallas will enable ACHANGE to continue to promote quality affordable housing and economic development throughout Arkansas by utilizing its members, who consist of community development professionals and organizations," said Wanda Jackson Cohns, 1st Vice President, ACHANGE Board of Directors.
Martie North, Vice President and Director of Community Development of Bank of the Ozarks, and a nonvoting member of the ACHANGE Board of Directors, said the Partnership grant has been invaluable for ACHANGE.
Bank of the Ozarks previously partnered with FHLB Dallas to award ACHANGE a $5,000 Partnership grant in 2008. Ms. North says this year has been a particularly tough funding year for nonprofits.
"Bank of the Ozarks looks forward to supporting as many nonprofits and community-based organizations as we can," Ms. North said. "We've supported ACHANGE from its earliest beginnings, and supported the work and efforts and missions that have come from ACHANGE. We were glad that we were able to help them secure the grant."
Partnership grants, offered through FHLB Dallas's member institutions on a first-come, first-served basis, provide funding for operational needs of community-based organizations involved in affordable housing and community development. FHLB Dallas matches member's cash contributions to a community-based organization of $500 up to $5,000 at a 3:1 ratio.
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 $72.1 billion as of June 30, 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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