DALLAS, Feb. 27, 2009 (GLOBE NEWSWIRE) -- The Northwest Regional Housing Development Corporation was awarded a $430,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (Bank) supported by Arvest Bank in Lowell, Arkansas.
The AHP grant will be used toward the construction of Maple Esplanade, a 50-unit supportive living development targeting low- and moderate-income elderly individuals in northwest Arkansas.
The facility will offer supportive services to seniors, who are able to live independently, but need assistance with some of their daily activities. The project also receives low-income housing tax credits, which will assist in keeping the rent affordable for the seniors.
"Arvest Bank has been instrumental in Northwest Regional Housing Development Corporation's development of Maple Esplanade, a 50 unit affordable assisted living project in Harrison," said Ken McDowell, Executive Director of the Northwest Regional Housing Development Corporation. "In addition to purchasing tax credits to provide much needed equity in the project, Arvest's sponsorship of our application has resulted in the $430,000 AHP grant. This beautiful facility will allow low- to moderate-income elderly access to assisted living services and will prevent premature institutionalization of many frail elderly in northwest Arkansas."
The Bank returns 10 percent of its profits each year to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. In 2008, the Bank, through its member institutions, awarded $17.5 million in grants to assist 2,913 households. Projects in Arkansas were awarded $2.7 million in AHP grants in 2008.
"I am so pleased that Arvest has been able to work with the Federal Home Loan Bank (of Dallas) in obtaining the funding needed to help the NWRHDC move forward with this very important project. Because home prices and rental rates increased faster than income in recent decades, there is a serious need for affordable housing. This project will satisfy that need for a very deserving group," said Jim Johnson, commercial lender at Arvest.
About Northwest Regional Housing Development Corporation (NWRHDC)
NWRHDC in a nonprofit dedicated to providing safe, decent, affordable housing to northwest Arkansas.
About Arvest Bank
Arvest Bank operates more than 200 bank branches in Arkansas, Oklahoma, Missouri and Kansas, organized into 16 locally managed community banks, each with a local advisory board of directors and management team. These banks serve customers in 90 communities with 12-hour weekday banking at most locations. Arvest also provides a wide range of banking services including loans, deposits, treasury management, asset and wealth management, life insurance, credit cards, mortgage loans and mortgage servicing. Arvest operates a mortgage company, asset management company, insurance division and mortgage servicing company.
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. The Bank, with total assets of $78.9 billion as of December 31, 2008, 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 Bank's web site at fhlb.com.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013