TYLER, Texas, Feb. 4, 2016 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of Dallas (FHLB Dallas) and Southside Bank have awarded a $14,000 Affordable Housing Program (AHP) grant to Habitat for Humanity of Smith County (HFHSC). The funds will help pay for the construction of two new homes in Tyler.
The homes will be built on in-fill locations in a moderate-income neighborhood along South Fleishel Avenue. HFHSC has a 25-year history in Tyler and has built 103 homes in that quarter century.
HFHSC Director of Construction Raimund Gideon said the new homes will contain at least three bedrooms and cost about $95,000 each to build.
"The AHP grant gives us an additional $7,000 more per home to help build those houses," he said.
Partner families will purchase their homes with a long-term, interest-free loan provided through Habitat for Humanity. Each family will put in 300 to 500 sweat equity hours to help build their home as well as help on others, Mr. Gideon said. They also will complete a personal financial management class as part of the program.
Brooke Mott, vice president and CRA officer at Southside Bank, said the new homes are helping families realize the American dream of owning their own homes.
"Habitat for Humanity has helped many hard-working families become first-time homeowners in our city," Ms. Mott said. "We are pleased to be a part of making the homeownership dream a reality for these Tyler families."
FHLB Dallas, in partnership with its member financial institutions, has awarded more than $7.4 million in AHP grants in 2015 to 32 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas, which will result in 965 new or renovated housing units. In 2015, Texas was awarded $2.3 million for 265 housing units. The 2016 AHP funds will be announced later this quarter.
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.
"We are very pleased to support Southside Bank's commitment to Habitat for Humanity of Smith County. Affordable housing is integral to FHLB Dallas' core mission," said Greg Hettrick, first vice president and director of Community Investment at FHLB Dallas. "The AHP is one of several programs that allows us to fulfill that mission in communities served by our members."
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, and quality housing. Since 1990, Texas has been awarded more than $82.8 million in competitive AHP grants.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. (NASDAQ: SBSI) is a bank holding company for Southside Bank (the Bank). The Company is a community-focused financial institution that offers a range of financial services to individuals, businesses, municipal entities, and nonprofit organizations in the communities that the Company serves. The Company operates through approximately 64 banking centers, approximately 19 of which are located in grocery stores, and approximately 26 motor bank facilities. Its services include consumer and commercial loans, deposit accounts, trust services, safe deposit services and brokerage services. The Company's consumer loan services include one-to-four family residential mortgage loans, home equity loans, home improvement loans, automobile loans, and other installment loans.
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 $43.0 billion as of September 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.
Corporate Communications Federal Home Loan Bank of Dallas www.fhlb.com (214) 441-8445
SOURCE Federal Home Loan Bank of Dallas