Arkansas first time home buyers will benefit from a newly-announced grant from the Bank of the Ozarks and the Federal Home Loan Bank of Dallas which will provide assistance for low-income families to help reduce their mortgage payments.
The press release has the details:
HOT SPRINGS, Ark., Oct. 16, 2015 /PRNewswire-USNewswire/ – Garland County Habitat for Humanity (Garland County Habitat) has been awarded a $35,000 Affordable Housing Program (AHP) grant from Bank of the Ozarks and the Federal Home Loan Bank of Dallas (FHLB Dallas). The grant will reduce project costs of five homes, resulting in lower mortgage payments for low-income homebuyers.
This is Garland County Habitat’s fourth AHP grant since 2006, bringing the nonprofit’s total award amount to more than $572,000.
“The mission of FHLB Dallas to support affordable housing dovetails nicely with what Habitat for Humanity promotes: empowering homeowners and transforming lives,” said Evan Tuchinsky, development director at Garland County Habitat. “September 18 marked our 20th anniversary, and by the end of the year, we’ll have built our 119th and 120th homes — both, fortuitously, supported by this FHLB Dallas grant.”
FHLB Dallas annually returns 10 percent of its profits in the form of AHP grants to the communities served by its member institutions, such as Bank of the Ozarks. 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.
“We have been able to better support our community through the AHP. FHLB Dallas will bend over backwards to come up with solutions,” said Eric Gustafson, vice president and director of Community Development at Bank of the Ozarks. “The Garland County Habitat provides a tremendous service to Hot Springs and Garland County. This type of housing is more needed here than in some other parts of Arkansas.”
In 2015, FHLB Dallas and its member financial institutions have awarded more than $7.4 million in AHP grants to 32 projects that will result in 965 new or renovated housing units. The amount includes $1.1 million for 163 new or renovated units in Arkansas.
“We are very pleased at FHLB Dallas to be improving the quality of life for low-income families in communities served by our members,” said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. “
July 2015 marked the 25th anniversary of the Affordable Housing Program. Since the program’s inception, FHLB Dallas has awarded more than $237 million in AHP grants to help approximately 44,000 families obtain affordable, quality housing.
About Bank of the Ozarks
Bank of the Ozarks is a bank holding company with $8.7 billion in total assets as of June 30, 2015 and trades on the NASDAQ Global Select Market under the symbol “OZRK.” The Company owns a state-chartered subsidiary bank that conducts banking operations through 174 offices in Arkansas, Georgia, Texas, North Carolina, Florida, Alabama, South Carolina, New York, and California. The Company may be contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811. The Company’s website is www.bankozarks.com.
About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 11 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $42.6 billion as of June 30, 2015, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit our website at fhlb.com.
About Garland County Habitat for Humanity
Garland County Habitat for Humanity (GCHFH) is the Affiliate of Habitat for Humanity International serving the Central Arkansas county containing the city of Hot Springs. Established in 1995, GCHFH has constructed 117 single-family houses and renovated another 15 houses for first-time homebuyers with lower incomes. Through the non-profit organization’s overseas mission, GCHFH has served 78 additional families. GCHFH is the only provider of affordable housing — public or private — in Garland County and also has embarked on Neighborhood Revitalization, helping residents transform communities one block at a time.
Federal Home Loan Bank of Dallas
>> read the original press release at prnewswire.com