Federal Home Loan Bank of Dallas Awards $8 Million in Affordable Housing Grants

DALLAS, TEXAS, June 28, 2007- The Federal Home Loan Bank of Dallas (Bank) awarded $8 million in Affordable Housing Program (AHP) grants to 54 projects located in Arkansas, Louisiana, Mississippi, New Mexico and Texas. The AHP grants will help create or renovate 1,259 housing units.AHP grants are used to purchase, construct or rehabilitate single-family, transitional and multi-family projects for very low- to moderate-income families.

“The Bank recently awarded $8 million in affordable housing grants, which are awarded twice a year to our member institutions, enabling them to make a positive impact in their local communities. We have now awarded over $169 million in affordable housing grants since the program began in 1990,” commented Bruce Hatton, Vice President, Director of Community Investment.

Summary by State

* Arkansas: $1,191,288 for 197 housing units
* Louisiana: $1,706,900 for 242 housing units
* Mississippi: $1,647,202 for 195 housing units
* New Mexico: $661,000 for 98 housing units
* Texas: $2,800,000 for 527 housing units

Louisiana Grants:

New Orleans
Member: Fidelity Homestead Association
Sponsor: Fidelity Homestead Association
Grant: $75,000 for 15 Ownership units

By statute, the Bank returns 10 percent of its profits each year to the communities served by member institutions in the form of AHP grants. In 2006, the Bank awarded $17.5 million in grants to 123 projects that created or renovated 3,523 housing units and has awarded more than $169 million in grants since the program began in 1990. Information about the program is available in the Community Investment section of the Bank’s website at www.fhlb.com/community/ahp/.

About 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. The Bank, with total assets of $53.3 billion as of March 31, 2007, is a member-owned cooperative that supports housing and community development by providing competitively priced loans and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico and Texas. For more information, visit the Bank’s website at www.fhlb.com.

Author: admin