updated 8/27/2010 6:18:58 PM ET 2010-08-27T22:18:58

PARAGOULD, Ark., Aug. 26, 2010 (GLOBE NEWSWIRE) -- On Monday, August 30, 2010, First National Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) will announce a $360,000 Affordable Housing Program (AHP) grant to the Paragould Housing Authority to assist with the construction of Oakwood Villa, a four-plex being built for very low-income senior and disabled individuals.

The grant is part of $18.5 million in AHP grants FHLB Dallas will award in 2010 through member institutions, such as First National Bank. Of that amount, nearly $12 million was committed to affordable rental housing projects, and $1.5 million was awarded in Arkansas to fund the creation or rehabilitation of 187 housing units.

Representatives from First National Bank, FHLB Dallas, and the Paragould Housing Authority will be available for interviews and photo opportunities before and after the event.

The Federal Home Loan Bank of Dallas logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3013

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