FHLB Dallas Awards Affordable Housing Grants

FHLB Dallas Awards Affordable Housing Grants

DALLAS, TX - In partnership with its member institutions, the Federal Home Loan Bank of Dallas announced that $7,590,375 in Affordable Housing Program (AHP) grants has been awarded to 27 affordable housing projects in 2012.

Each year, the Bank returns 10 percent of its profits in the form of AHP grants to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income families throughout the Bank's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas. The grants are made available through the Bank's member institutions and are awarded on an annual basis.

AHP grants may be used to purchase, construct, or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income households.

"AHP has served as a critical funding source in assisting our member financial institutions in meeting the emerging housing needs in their respective communities," said Bank President and CEO Terry Smith. "AHP continues to be a crucial source of gap funding for many of the affordable housing projects that are being funded this year. From assisting low-income, first-time homebuyers to rehabilitating a facility that houses abused children, the funds will be put to good use."

AHP funding is utilized for a variety of projects, including emergency home rehabilitation for low-income, elderly and disabled residents; down payment and closing cost assistance for qualified first-time homebuyers; and the development and construction of low-income, multifamily apartment communities and single-family subdivisions.

The list and more information regarding AHP are available on the FHLB of Dallas Website

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 $34.7 billion as of June 30, 2012, 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: FHLB Dallas / #Affordable #Housing

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