DALLAS, July 2, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $42,000 Affordable Housing Program (AHP) grant to the Easter Seals North Texas Home of Your Own Special Needs Program. The funds will assist with down payments, closing costs and counseling services for individuals with special needs, who are purchasing a home in Johnson, Parker, or Tarrant counties. Each year, the Bank returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions. The Home of Your Own grant was provided through Southwest Bank in Fort Worth, Texas.
The Easter Seals North Texas Home of Your Own program was established in 2000 to help individuals and families living with disabilities obtain the dream of homeownership. Paul Muska, ASSET Housing Navigator at Easter Seals North Texas, said that the program has since proven to be a viable asset for low-income special needs homebuyers. The AHP grants are often paired with state and city funding to assist with the initial costs of homeownership.
"The AHP grant from the Federal Home Loan Bank of Dallas makes homeownership affordable to those who wouldn't otherwise have the means for down payment and closing costs, or the ability to deduct enough from the principal to afford the house payment," said Mr. Muska. "These funds, along with funding from the city and state, close the gap for many individuals and help us place our applicants in a home that is affordable and suitable to their needs."
Cindi Pimentel, Vice President and Community Development Lender at Southwest Bank, worked closely with Mr. Muska to obtain the grant. Ms. Pimentel said she has worked with the Bank to receive several AHP grants over the past 10 years, and has had a long-standing relationship with Easter Seals North Texas and its mission to serve individuals with special needs.
"Easter Seals North Texas is a huge resource for children, adults, and families living with disabilities," said Ms. Pimentel. "I have been involved in their mission for many years, and my passion has been to establish a long lasting relationship with organizations that make the dream of homeownership a reality for individuals with special needs and their families. The Federal Home Loan Bank of Dallas enables Southwest Bank to continue in that mission."
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 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's web site at fhlb.com.
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About Easter Seals: Easter Seals North Texas has been helping children and adults with disabilities and special needs, and their families, live better lives since 1939. Whether helping someone improve physical mobility, return to work or simply gain greater accessibility for daily living, Easter Seals offers people with disabilities hope, help and independence. Easter Seals North Texas has four locations. For general information about services or assistance, call toll free (888) 617-7171.