Ten lucky Arkansas first time home buyers will be the beneficiaries of a $70,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks. The money was awarded to the Habitat for Humanity of Pulaski County, which will disburse the funds to help 10 Arkansas families purchase their first home.
Real Estate Rama reports:
Habitat for Humanity of Pulaski County recently received a $70,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks, an FHLB Dallas member institution. The funds will be used to reduce the mortgage principal for 10 low-income, first-time homebuyers, thus lowering their monthly payments.
Eric Gustafson, vice president and director of Community Development at Bank of the Ozarks, said the partnership with Habitat works to support deserving families who otherwise might not afford a home.
“Habitat for Humanity of Pulaski County provides an incredibly valuable service by helping people who have low incomes and/or challenged credit,” Mr. Gustafson said. “Habitat also works for a long time, if needed, to help people get into their homes”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions. AHP grants fund a variety of projects, including home rehabilitation and modifications for low-income, elderly, and special-needs residents; down payment and closing cost assistance for qualified first-time homebuyers; and the construction of low-income, multifamily rental communities and single-family homes.
Kelley Sims, chief operating officer, Habitat for Humanity of Pulaski County, highlighted the need for affordable housing in the county, which is centrally located within the state and is home to more than 390,000 people, according to 2014 estimates from the U.S. Census Bureau.
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