DALLAS, TX - The Federal Home Loan Bank of Dallas (Bank) announced that it has awarded $8.4 million in Affordable Housing Program (AHP) grants to 39 projects located in Arkansas, Louisiana, Mississippi and Texas. These AHP grants will help create or renovate 1,170 housing units. AHP grants are used to purchase, construct or rehabilitate single-family, transitional and multi-family projects for very low- to moderate-income families.
By statute, the Bank returns 10 percent of its profits each year to the communities served by member institutions in the form of AHP grants. In 2008, the Bank awarded a total of $17.5 million in grants to 69 projects that created or renovated 2,913 housing units. The Bank has awarded more than $171 million in AHP grants since the program began in 1990. Information about the program is available in the Community Investment section of the Bank's web site at fhlb.com.
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHLBank System created by Congress in 1932. The Bank, with total assets of $85.7 billion as of September 30, 2008, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to more than 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas.
Source: Globe Newswire