Habitat for Humanity's Partnership Village Receives Additional Affordable Housing Program Grant

BENTON, Ark., Sept. 19, 2014 /PRNewswire-USNewswire/ -- Four new homes are under construction in Partnership Village with help from a $27,976 Affordable Housing Program (AHP) grant from Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks.

Partnership Village is an affordable housing community of single-family homes in Benton, Arkansas, developed by Habitat for Humanity of Saline County, Arkansas (HFH Saline County) for very low- to low-income homeowners.

The AHP grant will be used for development, infrastructure, and closing costs for the new homes, which helps HFH Saline County reduce the mortgage payments for the qualified families, to amounts that are within their means.

This is the fourth AHP grant provided to HFH Saline County for Partnership Village. Other funding sources include grants, fundraising, and donations of land, material, and labor.

"This partnership has been a critical part of our growth over the past eight years," said Karma Herzfeld, executive director of HFH Saline County. "These funds help us keep our mortgages affordable for very low-income residents of Saline County. We are honored to be one of the recipients of the 2014 AHP grants."

AHP grants are awarded through FHLB Dallas member financial institutions, such as Bank of the Ozarks, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households. 

"We are thrilled to once again be partnering with FHLB Dallas and HFH Saline County to provide much-needed affordable homeownership opportunities in Saline County, Arkansas," said Eric Gustafson, director of community development for Bank of the Ozarks.

This year, FHLB Dallas awarded $9.8 million in AHP funding to 33 projects primarily within its five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The 2014 grants will result in the creation or rehabilitation of 1,586 housing units.

Since the program's inception in 1990, FHLB Dallas has awarded more than $228 million in AHP grants to help approximately 42,000 families obtain safe, affordable, and quality housing. 

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.

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.

Contact:

Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas