DALLAS, July 15, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Red River Bank are pleased to announce that more than $1 million in Affordable Housing Program (AHP) rehabilitative grants have been awarded through Red River Bank to housing projects in Louisiana.
FHLB Dallas and Red River Bank will announce the grants at an event at 9:00 a.m. on Friday, July 17, at Red River Bank's headquarters, 1412 Centre Court Drive in Alexandria, Louisiana. Terry Smith, FHLB Dallas President and Chief Executive Officer, will attend the event, along with other representatives from FHLB Dallas and Red River Bank. Bank representatives will be joined by local and state officials, as well as past grant recipients.
"We are pleased to be celebrating this milestone, but it's not about the dollars, it's about the lives that have been affected. The grant recipients and the community have definitely been improved by this partnership," said Red River Bank President Blake Chatelain. "What a great way to help our neighbors in need."
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. Red River Bank, an FHLB Dallas member in Alexandria, also has utilized the Bank's Home Equity Leverage Partnership (HELP) Program, a special set aside program under the AHP.
"Red River Bank has been a partner who truly understands the mission to expand affordable housing opportunities in the communities our members serve," said FHLB Dallas President and CEO, Terry Smith. "We are pleased to join Red River Bank in celebrating this significant achievement."
Red River Bank has been participating in the FHLB Dallas AHP and HELP programs since 1999, assisting very low- to moderate-income, first-time homebuyers with down payments and closing costs, assisting organizations with the construction of new homes for low-income homebuyers, and providing funds to rehabilitate or repair existing homes. Many of the funds have been targeted toward elderly and disabled individuals, as well as single parents and victims of domestic violence.
"Red River Bank and the Federal Home Loan Bank of Dallas are committed to providing resources for low and moderate income homeowners to maintain and protect their largest investment," said Willie Spears, Senior Vice President/Community Relations Officer of Red River Bank. "Affordable housing initiatives and home rehabilitation programs are crucial to the success of strong, stable, vibrant communities."
A $10,000 AHP grant helped Estell Miles, a 76-year-old, retired widower, to make needed repairs to the home she has lived in for 40 years. Ms. Miles, who lives on a fixed income, says it has been difficult for her to keep up with repairs to her aging home since her husband died in 1999.
Thanks to the grant, Ms. Miles was able to replace her sagging roof.
"I walk from room to room and look up at the ceiling; it's almost like a new house," she said. "I'm thankful that the grant program was in place so I could benefit from it. It's a good thing because it has helped a lot of people."
Ms. Miles's grant marked $1 million in AHP rehabilitative grants awarded through Red River Bank. Her funds came from a $500,000 grant that was awarded to a Rapides Station Community Ministries project to renovate the homes of 50 very low- to moderate-income families in Rapides and Avoyelles parishes.
"The partnership between the Federal Home Loan Bank of Dallas, Red River Bank, and our nonprofit proves collaboration and cooperation, along with a competent and compassionate staff, can serve to help those who need the services to upgrade their properties to a safe and decent place to live," said Joe Green, Executive Director Rapides Station Community Ministries. "The efforts of Vickie Miller (Vice President and Compliance Officer), Willie Spears, and Debbie Boniol (Compliance Assistant) of Red River Bank are a dream come true for helping the poor and needy in Central Louisiana."
Below are the more than $1 million in AHP rehabilitative grants that were awarded through Red River Bank. These funds were provided to very low- to moderate-income home owners in Rapides and Avoyelles parishes between May 2006 and June 2009.
* 2005 - $50,000 AHP grant to Rapides Station Repairs and Maintenance project * 2006 - $210,000 AHP grant to Rapides Station Home Rehabilitation * 2007 - $350,000 AHP grant to Rapides Station Home Improvement * 2007 - $500,000 AHP grant to Rapides Station Home Improvement
Below are other grants awarded through Red River Bank since 1999:
* 1999 - $6,000 AHP grant to Red River Bank Homebuyer Assistance Program * 2002 - $12,000 in HELP grants * 2005 - $30,000 AHP grant to Rapides Habitat for Humanity Construction Project * 2005 - $12,000 in HELP grants * 2006 - $6,000 in HELP grants * 2007 - $16,000 in HELP grants * 2008 - $9,000 in HELP grants * 2009 - $28,000 in HELP grants through June 2009.
So far in 2009, FHLB Dallas has awarded, through its members, $5.4 million in AHP grants to 25 affordable housing projects through its five-state District, including more than $2 million to projects in Louisiana, which will result in the creation or renovation of 291 housing units in the state.
For more information on FHLB Dallas grant programs or the media event on July 17, please contact Corporate Communications at 214.441.8445.
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.
The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013