HUMPHREY, AR - The Federal Home Loan Bank of Dallas (FHLB Dallas) and First Security Bank are pleased to announce they have awarded a $168,000 Affordable Housing Program (AHP) grant to assist in upgrading a low-income apartment complex for seniors.
Independence Village, Inc. will use the grant in the rehabilitation of Cypress Point Apartments.
The rehabilitation includes updating the electrical system, replacing water heaters, installing energy-efficient windows, and interior upgrades, including new carpeting.
Ed Wiles, the director of Independent Village, Inc., said the aging apartment complex was built in the 1990s with the assistance of a rural development loan. The rehabilitation is expected to help preserve the affordable housing in the area.
"This is a very low-income area and this rehab project will help keep the community affordable for a long time," Mr. Wiles said. "The upgrades to the electrical system will help residents with the utilities because they are very costly in the rural areas. We really appreciate the funds. It is a real blessing to have affordable housing in this rural area."
AHP grants are awarded through FHLB Dallas member financial institutions, such as First Security Bank, to assist in the development of affordable, owner-occupied and rental housing for very low- to moderate-income households.
"First Security Bank is proud that our customer, Independence Village, Inc., has been awarded an AHP grant for $168,000," said Allen Moore, vice president of First Security Bank. "As a community bank, First Security Bank is committed to helping improve communities throughout Arkansas. Because of this grant provided through the Federal Home Loan Bank of Dallas, an affordable senior apartment complex in rural Jefferson County, Arkansas, can be renovated. Without the grant, this renovation would not be feasible."
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.