DALLAS, July 29, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $162,500 Affordable Housing Program (AHP) grant to Enterprise Community Partners, Inc. (Enterprise) to provide 25 very low- to moderate-income homebuyers with down payment and closing cost assistance. Funding was made available through Inwood National Bank in Dallas, Texas.
Enterprise is a leading provider of capital and expertise for affordable housing and community development in the Dallas/Fort Worth Metroplex. Enterprise reaches out to those in need of a safe, decent and affordable home by partnering with developers, investors, government, community-based nonprofits and other organizations. Enterprise often targets specific neighborhoods or foreclosures, then renovates, reconstructs, or provides replacement housing for low-income homebuyers.
"Enterprise partners with other organizations so that we can accomplish the same goal without having to recreate the program," said Lorenzo Littles, Director. "We try to closely match the process of buying an affordable home to that of buying a home at market value. The AHP grant will provide the means for down payments and closing costs, as well as assist with the cost of homeowner counseling courses required for each qualified applicant prior to purchasing a home."
Rob Ivey, Executive Vice President of Inwood National Bank, said that Enterprise approached the bank's Director of Community Development, Michon Fulgham, about an AHP grant for this project.
"Inwood has enjoyed a relationship with Enterprise for more than five years, and we value their commitment to our community," said Mr. Ivey. "We have also worked very closely with the Federal Home Loan Bank of Dallas to provide loans and grants to put qualified buyers into homes. The AHP program gives our bank an opportunity to be even more competitive in the market place, as we can offer the program without charging extra fees to cover the costs."
Mr. Ivey continued by saying that the AHP program is a good situation for all of the parties involved, especially when it places someone in a home.
"We celebrate at the closing table," said Mr. Ivey. "And we feel good about assisting the applicants who receive the grants and are now able to enjoy homeownership."
So far in 2009, FHLB Dallas has awarded $5.4 million in AHP grants to 25 affordable housing projects through its five-state District, including almost $1.2 million in Texas, which will result in the creation or renovation of 178 affordable 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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