HOT SPRINGS, Ark., Sept. 8, 2014 /PRNewswire-USNewswire/ -- Karen Collins' rental house was for sale, so she had to find somewhere to live right away.
"I wanted to buy a house that was close to work. I had my tax return money, but it was not enough for a down payment," said Ms. Collins, a 50-year-old sales associate for a national retailer. "I didn't want to borrow money from my family."
Her realtor told her about the Homebuyer Equity Leverage Partnership (HELP) grant program offered by the Federal Home Loan Bank of Dallas (FHLB Dallas).
HELP grants are provided by FHLB Dallas through its member financial institutions, like Bank of the Ozarks, to provide grants to assist income-qualified, first-time homebuyers with down payments and closing costs on newly constructed or existing homes.
Ms. Collins was awarded a $7,000 HELP grant from FHLB Dallas and Bank of the Ozarks, which was applied toward her down payment.
In 2014, Bank of the Ozarks has provided more than $23,000 in HELP grants to assist four families with down payments and/or closing costs.
"Bank of the Ozarks is pleased to work with the Federal Home Loan Bank of Dallas to provide funds for down payment assistance for prospective homeowners," said Kedrick Dobbins, assistant vice president for community development for Bank of the Ozarks. "Homeownership strengthens families, stabilizes neighborhoods, and builds communities. We are pleased to foster economic prosperity in our communities."
Ms. Collins said that her three-bedroom home is in a great neighborhood, and it is much nicer than the house she was renting.
"My old neighborhood was starting to go downhill. And I didn't have enough room for company to stay, so someone always had to sleep on the couch," Ms. Collins said. "Now I have room for my family to stay when they come to visit. The HELP grant also lowered my mortgage payment, which helps since I have to make the payment on my own."
Since HELP's inception in 2002, nearly $14.3 million has been awarded through members to assist more than 2,700 families. In 2014, FHLB Dallas made available $1 million in HELP grants through its members. Please visit fhlb.com for more information on HELP and other FHLB Dallas community investment programs.
About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $6.3 billion in total assets as of June 30, 2014, 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 164 offices in Arkansas, Georgia, North Carolina, Texas, Florida, Alabama, South Carolina, New York, and California. 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 12 district banks in the FHLBank System created by Congress in 1932. FHLB Dallas, with total assets of $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas. For more information, visit the FHLB Dallas website at fhlb.com.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas