FORT SMITH, Ark., Oct. 23, 2015 /PRNewswire-USNewswire/ -- Regional Housing Solutions yesterday received a $16,000 Partnership Grant Program (PGP) award from Arvest Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas). The funds will be used to build organizational capacity, allowing the nonprofit to develop future housing projects for low- to moderate-income families.
Though established as a 501(c)3 in 2005, Regional Housing Solutions, a community housing development organization, is newly active under the leadership of a new board of directors, as well as a new CEO, Mark Whitmer and COO Karen Phillips.
"Regional Housing Solutions was activated to be able to serve a broader, 10-county area of northwest Arkansas," said Ms. Phillips, who also serves on FHLB Dallas' Affordable Housing Advisory Council. "There is a significant unmet need in this region of the state that we learned about from the many phone calls of people in need."
U.S. Census figures showed the poverty level in Arkansas nearly four percentage points higher than the national average — 19.2 percent in Arkansas versus 15.4 percent overall. The data comes from 2013, the most recent numbers available.
"Arvest Bank is proud to team up with the Federal Home Loan Bank of Dallas and Regional Housing Solutions to support affordable housing in Western and Northwest Arkansas. We understand how homeownership improves the community and the natural pride people feel when they own their own piece of the American Dream," said JP Sexton, mortgage loan manager for the Arvest Fort Smith and River Valley Region. "We look forward to the great things happening in our community and to the future success of Regional Housing Solutions in their efforts."
Presented annually, PGP awards provide grants up to $12,000 to community-based organizations (CBOs), like Regional Housing Solutions. The funds may be used for research, organizational capacity-building, grant- and funding-application assistance, or contractual services. The structure of the PGP allows FHLB Dallas member institutions, such as Arvest Bank, to make a contribution to a CBO, which FHLB Dallas will match. The member's contribution may range from $500 up to $4,000 and is matched at a 3:1 ratio. In 2015, FHLB Dallas awarded $225,000 in PGP funds to support 25 organizations. For more information, visit fhlb.com.
Greg Hettrick, vice president and director of Community Investment at FHLB Dallas, said the PGP awards are a valuable means of funding for nonprofits that continuously seek resources.
"Our members informed us about community organizations that faced difficulties from funding limitations," he said. "The PGP helps to alleviate these types of gaps and better serve nonprofits including Regional Housing Solutions, which we are pleased to support in partnership with Arvest Bank."
About Arvest Bank
Arvest Bank operates more than 270 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 16 locally managed banks, each with its own board and management team. These banks serve customers in more than 120 communities, with 12-hour weekday banking at most locations. Arvest also provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest is an equal housing lender and member FDIC.
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 advances and other credit products to approximately 865 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. Visit fhlb.com for more information.
Federal Home Loan Bank of Dallas
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SOURCE Federal Home Loan Bank of Dallas