DALLAS, April 5, 2010 (GLOBE NEWSWIRE) -- Habitat for Humanity of South Collin County was awarded a $70,000 Affordable Housing Program (AHP) grant from Inwood National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds will assist very low- to moderate income first-time homebuyers with down payment and closing costs.
Habitat for Humanity of South Collin County is currently constructing five connecting, single-family duplexes in Wylie, Texas, for qualified residents. Executive director Richard Taylor said he hopes this is the beginning of many more similar projects.
"Collin County is an affluent area with a relatively high median income," said Mr. Taylor. "Many of the people working in the service sector of our community can't afford to live here. And, of the people that do live here, most pay more in rent than they would for a mortgage in a Habitat home. With funds like the AHP grant, we can sell a Habitat home for less, which in turn lowers the buyer's monthly mortgage."
Mr. Taylor continued by saying duplex housing, rather than single-family homes, are the future for Habitat for Humanity of South Collin County.
"Land and construction costs tend to be more expensive in Collin County," said Mr. Taylor. "Many areas that we build in have building codes, which tack on requirements such as larger square footage, brick, and attached garages. Building codes and the price of land can knock your budget right out of the water."
Habitat for Humanity of South Collin County worked with Inwood National Bank in Dallas to obtain the AHP grant. This is the second AHP grant Inwood National Bank has sponsored for Habitat for Humanity of South Collin County, and Mr. Taylor said the bank has been a valued partner for many years.
"We see this as a tremendous opportunity to increase the amount of affordable housing in the Wylie community," said Rob Ivey, executive vice president at Inwood National Bank. "We enjoy an excellent relationship with Habitat for Humanity of South Collin County, and our Wylie bank president, Marvin Fuller, has worked closely with Mr. Taylor on this project which has been well received by the city."
Habitat for Humanity has already chosen 10 qualified recipients for the five new duplexes. The homes are expected to be completed by late spring. Mr. Taylor said Wylie is a strong community with good schools and a good quality of life.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 1,361 affordable housing units within its five-state District, including more than $1.65 million awarded in Texas, which will result in the creation or renovation of 248 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 $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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