updated 9/14/2010 2:45:54 PM ET 2010-09-14T18:45:54

TRUTH OR CONSEQUENCES, N.M., Sept. 14, 2010 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of Dallas (FHLB Dallas) is pleased to announce a $140,000 Affordable Housing Program (AHP) grant has been awarded to the New Mexico Housing and Community Development Corporation (NMHCDC) for the rehabilitation of an apartment complex for very low- and moderate-income residents of Truth or Consequences, New Mexico.

The AHP grant was provided through Citizens Bank of Las Cruces, an FHLB Dallas member institution in New Mexico. Each year, 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. The grants are used to purchase, construct, or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. The AHP grant to NMHCDC is part of $18.5 million in AHP grants that FHLB Dallas awarded in 2010 through certain of its more than 900 member institutions to help create, renovate, or purchase 2,632 housing units, including $2.87 million in New Mexico, for 382 housing units. 

NMHCDC's AHP grant will be used to renovate Puesta de Sol, a 20 unit, multifamily project in Truth or Consequences. The rehabilitation of the project will address deferred maintenance, capital improvement repairs, window replacement, heating and cooling replacement, accessibility modifications, stucco repair or replacement, and water conservation landscaping.

NMHCDC was able to secure financing for the project through a pilot program of the U.S. Department of Agriculture Rural Development because of the project's rural location and the population it will serve. However, the project desperately needed gap financing. 

"AHP funds will serve as one of the critical gap fillers, assuring that the health and safety standards are met and the quality rehab is accomplished," said Rick Courtney, president and CEO of NMHCDC.

A majority of the AHP funding this year – nearly $12 million – was awarded to rental housing projects like Puesta de Sol.

Mr. Courtney acknowledged that the dedication of Citizens Bank of Las Cruces was crucial in assisting the organization in receiving the AHP grant.

"Citizens Bank of Las Cruces is proud to support a project that will help meet the housing needs in the Truth or Consequences community," said Justin Harper, president and CEO of Citizens Bank of Las Cruces. "We are committed to assisting in the creation of affordable housing, and we look forward to future opportunities to help the city grow and prosper."

Other sources of funding on the project include the New Mexico Mortgage Finance Authority and Southern New Mexico Community Action Agency, which provided weatherization funds, among other partners. The Truth or Consequences Housing Authority will manage the property.

NMHCDC is a nonprofit organization founded in 2003 that develops, owns, and manages affordable rental housing throughout the state of New Mexico. The organization has completed the acquisition and rehabilitation of 10 properties, resulting in the preservation of 575 housing units.

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 $57.1 billion as of June 30, 2010, 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 .

About Citizens Bank of Las Cruces

Locally owned and operated since 1970, Citizens Bank of Las Cruces operates five branches within Sierra and Dona Ana counties. Citizens Bank is committed to providing the best financial services to these communities. In addition to the banking services it provides, Citizens Bank supports the local community through partnerships, involvement, and contributions. For more information, visit www.citizenslc.com .

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

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