FORT SMITH, Ark., March 2, 2010 (GLOBE NEWSWIRE) -- The Crawford-Sebastian Community Development Council (Crawford-Sebastian CDC) was awarded a $500,000 Affordable Housing Program (AHP) grant to assist first-time homebuyers in Crawford and Sebastian counties with down payments and closing costs associated with buying homes.
The AHP grant was awarded by the Federal Home Loan Bank of Dallas (FHLB Dallas) through Benefit Bank, a Fort Smith, Arkansas-based member of FHLB Dallas. The grant is the eighth AHP grant that has been awarded through Benefit Bank for Crawford-Sebastian CDC's down payment assistance program. FHLB Dallas and Benefit Bank have awarded more than $3 million in AHP grants since 2002 to assist more than 600 very low- to moderate-income families with down payment and closing costs.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects throughout its five-state District, including nearly $2.1 million in Arkansas, which will result in the creation or renovation of 270 affordable housing units within the state.
"It's a wonderful, exciting program and it helps a lot of people who wouldn't be able to get into a home without the assistance of the grant," said Karen Phillips, director of the Homeownership and Asset Development Center at Crawford-Sebastian CDC. "Benefit Bank has had this particular program for several years. Benefit Bank is one of the largest users in our area for down payment assistance programs."
Steve Echols, senior vice president at Benefit Bank, works with FHLB Dallas to obtain the grant funds and pass them on to qualified individuals and organizations.
"Benefit Bank is proud to support those living in our community," said Mr. Echols. "Our partnership with FHLB Dallas enables us to be more proactive and provide additional funding to local organizations and individuals that need it most."
"This grant will assist at least 72 families with their down payment and closing costs," Ms. Phillips said. "We are so thankful that FHLB Dallas has such wonderful programs to help the community and that the member banks are willing to use those programs to help people in need."
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 $65.1 billion as of December 31, 2009, is a member-owned cooperative that supports housing and community development by providing competitively priced advances 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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