LITTLE ROCK, Ark., Oct. 8, 2015 /PRNewswire-USNewswire/ -- Habitat for Humanity of Pulaski County recently received a $70,000 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) and Bank of the Ozarks, an FHLB Dallas member institution. The funds will be used to reduce the mortgage principal for 10 low-income, first-time homebuyers, thus lowering their monthly payments.
Eric Gustafson, vice president and director of Community Development at Bank of the Ozarks, said the partnership with Habitat works to support deserving families who otherwise might not afford a home.
"Habitat for Humanity of Pulaski County provides an incredibly valuable service by helping people who have low incomes and/or challenged credit," Mr. Gustafson said. "Habitat also works for a long time, if needed, to help people get into their homes"
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.
Kelley Sims, chief operating officer, Habitat for Humanity of Pulaski County, highlighted the need for affordable housing in the county, which is centrally located within the state and is home to more than 390,000 people, according to 2014 estimates from the U.S. Census Bureau.
"Our organization is committed to ending housing poverty in our region," Ms. Sims said. "This AHP grant is deeply appreciated and means that 10 deserving, low-income families will have quality homes to call their own."
FHLB Dallas, in partnership with its member financial institutions, has awarded more than $7.4 million in AHP grants this year to 32 projects for the creation or rehabilitation of 965 housing units. The amount includes $1.1 million for 163 new or renovated units in Arkansas.
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 affordable, quality housing.
"FHLB Dallas is pleased to support affordable housing and community investment in communities served by our members," said Greg Hettrick, vice president and director of Community Investment at FHLB Dallas. "We are honored to be part of a solution, through Bank of the Ozarks and Habitat for Humanity of Pulaski County, which helps people improve the quality of their lives."
About Bank of the Ozarks
Bank of the Ozarks is a bank holding company with $8.7 billion in total assets as of June 30, 2015 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 174 offices in Arkansas, Georgia, Texas, North Carolina, Florida, Alabama, South Carolina, New York, and California. The Company may be contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811. The Company's website is www.bankozarks.com.
About Habitat for Humanity of Pulaski County
Serving Pulaski and Lonoke Counties in Arkansas, Habitat's mission is to build simple, decent homes and communities in partnership with God's people in need, while following Biblical principles. Celebrating its 25th anniversary in 2015, Habitat for Humanity of Pulaski County has built or rehabbed over 150 homes for local families. For more information about Habitat or to sign-up to participate on a volunteer crew, visit www.habitatpulaski.org or call 501.376.4434.
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