DALLAS, July 7, 2009 (GLOBE NEWSWIRE) -- Community Development Corporation of Brownsville (CDCB) was awarded $385,000 in three Affordable Housing Program (AHP) grants by the Federal Home Loan Bank of Dallas (FHLB Dallas). The grants will assist three separate affordable housing projects: Campo Real, Inwood II, and the Colonia Initiative. The projects were a collaborative effort made possible by three Texas banks: Frost Bank, Lone Star National Bank, and the International Bank of Commerce.

Of the $385,000 awarded, $140,000 was awarded to CDCB by Frost Bank in San Antonio for the Campo Real Subdivision. The grant will provide down payment and closing cost assistance to 20 low- and very low- income families to purchase a newly constructed home. The Campo Real subdivision is located 10 miles south of Brownsville, and includes 65 new, energy-efficient, single-family homes. The homes in the subdivision offer large floor plans and are targeted toward growing families.

"Although many of Campo Real residents earn well below the median income for the area, most earn enough to own a home; it's just a matter of getting them in there," said Nick Mitchell, Executive Director of CDCB. "With the down payment and closing cost assistance, we can get these residents into a home they can enjoy and afford."

The first homes in Campo Real were completed in early March, and residents began moving in by the middle of the month. Since then, CDCB has closed an average of one home per week. Construction is still underway, and Mr. Mitchell expects to continue to sell the homes quickly. He said that the area is growing in popularity, and Brownsville's newest high school recently opened just a few miles from the Campo Real development.

Since 1996, CDCB has developed 13 subdivisions throughout the county. Mr. Mitchell has been with CDCB since the first project, and said FHLB Dallas has been involved in most, if not all, of the developments CDCB has constructed.

"Without the funds from the Federal Home Loan Bank of Dallas, I can honestly say that hundreds of individuals and families would be without homeownership," Mr. Mitchell said. "The funds are the last step in getting these individuals into a home best suited for them and their families."

Donna Normandin, Senior Vice President of Frost National Bank, worked to receive the grant for Campo Real. Although she has dealt with several FHLB Dallas grants throughout the years, this is the first awarded in Brownsville by Frost Bank in San Antonio.

"Brownsville has such a need for affordable housing units, and it's hard to find an agency that can fulfill the need, and do so correctly," said Ms. Normandin. "CDC Brownsville has done an extraordinary job in getting people into homes and keeping them there."

CDCB is a private, nonprofit community housing development organization that has provided safe, sanitary, and affordable housing to the citizens of Cameron County since 1974. It is one of the largest nonprofit producers of single-family affordable housing for homeownership in the state of Texas.

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 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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