LITTLE ROCK, Ark., March 31, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce it has awarded Habitat for Humanity of Pulaski County a $200,000 Affordable Housing Program (AHP) grant to assist the organization in constructing affordable homes for low-income families in Pulaski County, Arkansas. The AHP grant was awarded through Bank of the Ozarks.
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Habitat-Pulaski County will use the grant to assist with the construction of homes for 20 low-income families in Little Rock and North Little Rock. The families will contribute between 50 and 350 hours of "sweat equity" by participating in the construction of their homes, and will receive a zero percent interest loan on a 20 to 30-year mortgage
"We use the grant funds to subsidize the families' mortgages. We sell our homes at cost, so having the grant funds lowers the mortgage payment for our families," said Kelley Melhorn, operations manager for Habitat-Pulaski County.
Habitat-Pulaski County is using about $10,000 per home. Three of the homeowners have already closed on their homes, and two more are expected to close this month, Ms. Melhorn said.
"We've got about five construction projects going right now, so we're plunging through it," she added. "The grant really does help us a lot in making these homes affordable and gives us the ability to build more homes."
Habitat-Pulaski County has been awarded seven AHP grants totaling $445,000 since 1995. The latest grant is the largest the organization has been awarded through the program. "This is the first grant that we've done with the Bank of the Ozarks," Ms. Melhorn said. "Eric Gustafson with Bank of the Ozarks is great."
Bank of the Ozarks is one of FHLB Dallas's members in Little Rock, Arkansas.
"We are excited to partner with Habitat of Pulaski County and look forward to working with them in the future," said Mr. Gustafson, community development officer for Bank of the Ozarks. "This is such important work and we are proud to be a part of it. We really appreciate the Affordable Housing Program, which has made it possible for us to partner with community organizations across the state to produce hundreds of affordable housing units in Arkansas."
Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued through its member financial institutions. In 2009, FHLB Dallas awarded $10.5 million in AHP grants to 48 affordable housing projects throughout its five-state District, including nearly $2.1 million in Arkansas, which will result in the creation or renovation of 270 affordable housing units within the state. In 2010 FHLB Dallas will offer up to $18.6 million in AHP grants.
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 $65.1 billion as of December 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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About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $2.77 billion in total assets as of December 31, 2009 and trades on the NASDAQ Global Select Market under the symbol
"OZRK." The Company owns a state-chartered subsidiary bank that conducts banking operations through 73 offices including 65 banking offices in 34 communities throughout northern, western and central Arkansas, seven Texas banking offices, and a loan production office in Charlotte, North Carolina. The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company's website is: www.bankozarks.com.
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