DALLAS, July 14, 2009 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) awarded a $500,000 Affordable Housing Program (AHP) grant to the Center for Housing Resources to provide renovations and home repairs for very low-income seniors living in rural East Texas communities. Funding was made available through Guaranty Bank in Austin, Texas.
The funds will provide home repairs to raise the standard of living for very low-income seniors residing in rural areas with populations less than 25,000. Repairs include roofing, plumbing, electrical work, flooring, wall repair, kitchen and bathroom remodeling, and accessibility renovations. The Center for Housing Resources partnered with the East Texas Area Agency on Aging to qualify applicants and provide a broad spectrum of services that they may need. The East Texas Area Agency on Aging works with many nonprofit organizations, such as Meals on Wheels, Medicare Assistance, and classroom and job training specialists.
Echo Weir, Program Administrator of the Center for Housing Resources, said that the East Texas Area Agency on Aging and FHLB Dallas have been continuous partners of the Center for Housing Resources for many years. She said the contributions and support from both organizations have allowed them to better assist those in need.
"The people we assist are elderly and/or disabled, and because they do not have the means to repair or renovate their home, many are forced into assisted or alternative living facilities," said Ms. Weir. "We have assisted people that did not have plumbing or running water, had structural problems in the walls and under the roof, and complete lack of flooring. The grant funds are used to make these repairs, as well as modifications to improve the homeowners' lifestyle. The people we assist are good people, and it is an absolute pleasure working with them."
The funding was made available through Guaranty Bank which, ironically, Ms. Weir said she had partnered with 10 years ago to receive the first AHP grant for the Center for Housing. Carla Carroll, CRA Investment Manager, assisted with both grants and emphasized the importance of the organization's mission.
"At Guaranty Bank we are committed to the communities where we live and work," said Ms. Carroll. "It is important that we participate in the FHLB Affordable Housing Program in order to help our neighbors obtain homeownership and to be able to live in affordable, decent housing. The Center for Housing Resources East Texas Home Repair project allows the elderly and disabled to be able to live in their homes that are safe and functional."
Ms. Weir said representatives of the Center for Housing Resources visit senior community centers in areas that are not well-served to conduct seminars and question-and-answer sessions to raise awareness about their program. She also said they contact local TV and radio stations to publicize the event. Including this year's grant, the Center for Housing Resources has received about $2.1 million in AHP grants from FHLB Dallas to assist in its efforts. With the 2009 grant, the group hopes to serve more than 75 applicants and provide quality repairs for senior citizens in the most need.
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions. 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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