DALLAS, July 27, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $40,000 Affordable Housing Program (AHP) grant to Habitat for Humanity, Calcasieu Area, Inc. for the creation of four new homes in 2009. The funds will provide first-time homebuyers with down payment and closing cost assistance. Funding was made available through First Federal Bank of Louisiana in Lake Charles.
Cheryl Burns, Vice President of First Federal Bank of Louisiana, said each of the four recipients will receive $10,000 in AHP funds. All four of the prospective homeowners are very low- to low-income, first-time homebuyers, with two of them being elderly or disabled.
"The hurricanes in 2005 and 2008 affected the local affordable housing stock pretty heavily, as well as increased the cost of construction and homeowner insurance in our area," Ms. Burns said. "The AHP grant that Habitat received through FHLB Dallas will help offset the increased construction costs for four new homes in our area by providing down payment and closing cost assistance to the homeowner. The AHP grant program is efficient and helps fill the gap to make affordable housing projects, such as these, a reality."
According to Ms. Burns, First Federal Bank of Louisiana has participated in the FHLB Dallas Affordable Housing Program for several years, and has partnered with Habitat for Humanity, Calcasieu Area, on past projects. She added that Habitat for Humanity, Calcasieu Area, recently celebrated the completion of more than 50 homes since 1992 for low-income homebuyers in the area.
Julie Giordano, Executive Director at Habitat for Humanity, Calcasieu Area, said that working together with the Federal Home Loan Bank of Dallas and First Federal Bank of Louisiana is sure to bring many benefits to the recipient families.
"FHLB Dallas is always very efficient, and Cheryl Burns at First Federal Bank is more than willing to make sure we have everything we need," she said. "The down payment assistance makes a huge difference. All of these families have their own stories and it's great to provide them with assistance."
Each year, FHLB Dallas returns 10 percent of its profits to the communities served by member institutions in the form of AHP grants issued through its member financial institutions. So far in 2009, FHLB Dallas has awarded $5.4 million to projects within its five-state District, including over $2 million to projects in Louisiana, resulting in the creation or renovation of 291 housing units in the state.
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 $68.7 billion as of March 31, 2009, 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. For more information, visit the FHLB Dallas web site at fhlb.com.
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