HARRISON, Ark., Oct. 27, 2015 /PRNewswire-USNewswire/ -- The Northwest Regional Housing Development Corporation (NWRHDC) recently received an $8,000 Partnership Grant Program (PGP) award from the Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution, Community First Bank. The grant will help offset operational and administrative costs. FHLB Dallas and Community First Bank announced the grant during a formal check presentation last week.
FHLB Dallas matches a member's cash contribution to a community-based organization such as NWRHDC of $500 up to $5,000 at a 3:1 ratio. In 2015, FHLB Dallas awarded $225,000 in partnership grants.
Troy Clark, NWRHDC's Housing Choice Voucher, homeownership coordinator, noted that the PGP funding would "fill in the gaps" at NWRHA. "Our organization is on a tight budget. Every bit counts," Mr. Clark said.
The NWRHDC's mission is to acquire and revitalize "distressed" existing low-income housing projects, improve site conditions, and promote resident responsibility and self-sufficiency. NWRHDC-owned properties are managed by the Northwest Regional Housing Authority (NWRHA). The NWRHDC has previously received $30,000 in PGP funds from FHLB Dallas.
Community First Bank Senior Vice President, Retail/Marketing, Carolyn Arnold, was also in attendance at the check presentation.
"We appreciate our partnership with FHLB Dallas and the opportunity to again take advantage of the PGP," Ms. Arnold said. "Our participation in that program allows us to provide support to organizations like NWRHDC, who are doing great things for our community. This partnership grant will provide counseling free of charge to families to establish and/or repair credit scores, provide pre-homeownership counseling about what a mortgage is and how homeownership benefits families, and provide counseling for those families facing problems like foreclosure. NWRHDC fits well with our bank and their services are vital to the Northwest Arkansas community. We are proud to support their overall mission."
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.
FHLB Dallas, in partnership with its member financial institutions, has awarded more than $7.4 million in AHP grants this year to 32 projects, primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.
July 2015 marked the 25th anniversary of the AHP. Since the program's inception, FHLB Dallas has awarded more than $237 million in AHP and AHP-funded grants to help more than 44,000 families obtain safe, affordable, and quality housing.
"FHLB Dallas proudly supports affordable housing and investment in communities served by our members," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "Through our partnership with Community First Bank, we are a part of the solution: providing people with access to affordable housing."
About Community First Bank
Community First Bank began in 1997 with a vision to be a true community bank. With over $460M in total assets and 130 bankers in four North Arkansas communities, CFB's mission is simple: "Enhance the financial condition of our partners in the great communities we serve." CFB takes pride in providing personal service that exceeds the realm of traditional banking. One way is through community involvement and participation in community projects, benefiting citizens from every financial profile. For more information about Community First Bank, visit communityfirstbank.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 investment 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 fhlb.com.
Federal Home Loan Bank of Dallas
SOURCE Federal Home Loan Bank of Dallas