DALLAS, July 13, 2009 (GLOBE NEWSWIRE) -- A residential housing facility for homeless men has received a $311,976 Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of Dallas (FHLB Dallas), through Bank of the Ozarks in Little Rock, Arkansas.
The AHP grant will be used toward construction costs for the Black Community Developers (BCD) Empowerment Center. When completed, the facility will have 24 rooms to house homeless individuals. Residents of the facility also will receive supportive services, life skills training, job training, and other services through the facility.
"This grant really helped the dream come true," said Deborah Bell, Director of Programs for Black Community Developers. "Because of collaborations and partnerships between nonprofits, faith-based groups, city and state governments, we can really make a difference in rebuilding our community. We're looking at a continuum of care for people; it's not just about the housing."
Bank of the Ozarks was excited to be part of the project, said Eric Gustafson, Community Development Officer for Bank of the Ozarks.
"Black Community Developers is a longstanding community development and social services provider in Little Rock so the bank has a good relationship with them," said Mr. Gustafson. "They really are creating a center for empowerment for the entire community. They will provide treatment programs and also provide a lot of services to the community, as well, so the bank is attracted to that mission and that purpose."
In addition to the services the BCD Empowerment Center will provide to the city, it also will be located along the 12th Street corridor, which is part of a larger, more comprehensive planning study being sponsored by the city of Little Rock, Mr. Gustafson said.
"The people that are part of the program are essentially homeless," Mr. Gustafson said. "They can't pay much rent at all until they get on their feet. So this doesn't happen without grants. This is a project that truly needs as much grant money and soft funds as it can get."
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. In 2009, the Bank has awarded $5.4 million to projects within its five-state District, including nearly $662,000 to projects in Arkansas, which will result in the creation or renovation of 99 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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