LEAD HILL, Ark., Nov. 17, 2009 (GLOBE NEWSWIRE) -- A $4,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks assisted James and Brittany Nance in achieving their dream of homeownership.
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The AHP grant assisted the Nance family with closing costs for a new home in Lead Hill, Arkansas. The Nance family had rented for several years, but with a baby on the way, the couple decided it was time to buy a home.
"The AHP grant helped us out a lot because we didn't have to come up with the money all at once to move in," said Mrs. Nance.
The grant funds the Nance family received were part of a $67,500 grant that FHLB Dallas awarded to the Northwest Arkansas Regional Housing Authority (NWRHA), through Bank of the Ozarks in 2008. The AHP grant will assist 15 individuals or families with closing costs.
The NWRHA also utilized USDA 502 loan funds and the Mutual Self Help Program, allowing each new homeowner to obtain mortgage financing directly through USDA. The Mutual Self Help Program is a federal program designed to assist low-income families with homeownership. Participants agree to help each other build their homes and form building cooperatives. Homeowners build "sweat equity" by contributing 65 percent of the construction labor.
"The Federal Home Loan Bank of Dallas's grant program has enabled families who were unable to afford a mortgage the ability to do so," said Ken McDowell, Executive Director of NWRHA. "We also used the funds to assist with costs for our homebuyer education classes. These days, credit counseling, money management, and pre- and post-homebuyer training can be invaluable."
Mrs. Nance says she expects to move into her home next week, and her 9-month-old son, Dalton, will be able to spend his first Thanksgiving in his very own home.
"It is exciting to know we were able to help this family achieve their dream of homeownership," said Martie North, Vice President and Director of Community Development at Bank of the Ozarks. "Bank of the Ozarks strives to be a community partner with entities such as the NWRHA in creating homeownership opportunities throughout Arkansas. Through this partnership, this family will be able to enjoy an affordable, brand new energy efficient home for years to come."
Each year, the 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. As of September 30, 2009, FHLB Dallas has awarded $8.4 million to projects within its five-state District, including more than $1.45 million to projects in Arkansas, resulting in the creation or renovation of 247 housing units in the state.
For more information about FHLB Dallas programs, please contact the Corporate Communications Department 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 $67.3 billion as of September 30, 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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