DALLAS, July 29, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $300,000 Affordable Housing Program (AHP) grant to Urban Housing of America, Inc., Louisiana, to provide down payment and closing cost assistance to very low-income, special needs residents in Shreveport. The grant was made available through Ouachita Independent Bank in Monroe.
Alston Place Homes will be a development of 20 newly constructed, attached homes, available for ownership by very low-income senior, handicapped, and special needs individuals with Section 8 vouchers.
"This project will serve as a model to spur development in the inner city neighborhoods," said Dr. Dan Wimberly, President of Urban Housing of America, Inc., Louisiana. "We will be working in a depressed neighborhood in need of revitalization. This project should begin the effort of continued affordable housing development."
Dr. Wimberly also said that all residents will be able to use their HUD Section 8 Vouchers to finance their new homes. The local housing authority has partnered with Urban Housing of America, Inc., Louisiana to make this development possible. He added that since the residents of this development will be purchasing homes for the first time, a first-time homebuyers program will be initiated to prepare potential homeowners for the investment and responsibilities of homeownership.
"One of the greatest challenges in developing affordable housing is to obtain financing," he said. "The residents or potential buyers do not have sufficient income levels that will allow for financing from conventional sources. Therefore, soft or grant funding is needed in order to provide adequate financing to reach needed budget levels. FHLB Dallas is an alternative source that is very suitable to meeting the need for grant funds."
Chris Windham, Senior Vice President of Ouachita Independent Bank, was also very appreciative of the FHLB Dallas's services.
"This project is offering our bank an opportunity to work in Shreveport and help the community to continue to develop," said Mr. Windham. "The Federal Home Loan Bank of Dallas offers the services we need to help them get the project started and eventually completed."
Each year, the 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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