BROWNSVILLE, Texas, Oct. 20, 2011 (GLOBE NEWSWIRE) -- Representatives of the Federal Home Loan Bank of Dallas (FHLB Dallas), Lone Star National Bank, and International Bank of Commerce (IBC Bank) were pleased to join Texas State Senator Eddie Lucio, Jr., D-Brownsville, and Brownsville Mayor Tony Martinez in a check presentation today to Community Development Corporation of Brownsville (CDCB) and Proyecto Azteca. Both organizations received a $140,000 Affordable Housing Program (AHP) grant to assist with the development or rehabilitation of very low-income housing for families living in South Texas.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10896
Today's presentation began at 11:00 a.m. Central Time, and celebrated the collaboration of FHLB Dallas and its member institutions -- Lone Star National Bank and IBC Bank -- that made the grant funding possible for these organizations. CDCB and Proyecto Azteca have both received AHP funding in previous years.
"I am grateful to FHLB Dallas for supporting affordable housing in South Texas," said Senator Lucio. "I congratulate CDCB and Proyecta Azteca on the awards."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households. In 2011, FHLB Dallas awarded $11 million in AHP grants through its member institutions to 53 housing projects. AHP grants help create or renovate 1,653 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Of this funding, more than $3.3 million was awarded to projects in Texas, which assisted with the creation or renovation of 660 housing units within the state.
Lone Star National Bank facilitated the funding for CDCB, which will result in the creation or rehabilitation of 20 homes for very low-income families in Cameron and Willacy counties.
CDCB will determine whether to restore or reconstruct each home, in order to provide adequate, safe, and energy efficient homes for recipient families. CDCB is working with architecture students from The University of Texas at Brownsville to assist with the design of the new homes.
"We have had a long standing relationship with FHLB Dallas and its Affordable Housing Program, and we greatly appreciate the opportunity to use these funds to bring safe and sanitary housing to some of the poorest areas in the country," said CDCB Executive Director Nick Mitchell. "There are a lot of moving parts in this project, and it takes community collaboration to make this successful. We are grateful for the support of our community, especially Lone Star National Bank, and for this occasion to celebrate a cause that will greatly impact the families living in Cameron and Willacy counties."
International Bank of Commerce facilitated the AHP grant for Proyecto Azteca, which will assist 20 very low-income families with down payment and closing costs on newly constructed homes in the Lynchberg Estates subdivision of Hidalgo County.
"IBC Bank is proud to be a part of Proyecto Azteca efforts in providing affordable new homes to first-time homebuyers in Hidalgo County," said Fernando de la Cerda, loan officer at IBC Bank-McAllen. "It is incredibly rewarding to be involved in an initiative that provides hope, empowers individuals, and greatly enhances lives."
The new Lynchberg Estates homes will be energy efficient and the grant funds will assist the homebuyers with down payment and closing costs. The combination will dramatically reduce the monthly utility bills and mortgage payment for the new homeowners. Lynchberg subdivision will offer two, three, and four bedroom homes, and construction is scheduled to begin before the end of the year.
"By providing these families the opportunity to learn and live in energy efficient, sustainable homes, it not only makes it more affordable, but it will also affect their lifestyle for generations to come," said Ann Williams Cass, executive director at Proyecto Azteca. "These families are used to living in very poor conditions, and by providing them a safe and clean home, we can also teach them about recycling, rain water harvesting, and provide energy efficient appliances so they may continue to improve their quality of life. Our partnership with IBC Bank has been critical in the success of many of our projects. We are eternally grateful for their support, as they have been lifesavers for us time and time again."
Today's presentation was a celebration of the continued efforts of both CDCB and Proyecto Azteca in providing affordable housing to very low-income families in South Texas. Through FHLB Dallas and its member institutions, the grant funds will provide 40 families, some of which have special needs family members, with a new, energy efficient home.
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 $31.4 billion as of June 30, 2011, 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 website at fhlb.com.
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The photo is also available via AP PhotoExpress.
