updated 11/16/2010 10:46:23 AM ET 2010-11-16T15:46:23

FAYETTEVILLE, Ark., Nov. 16, 2010 (GLOBE NEWSWIRE) -- A $55,000 Affordable Housing Program (AHP) grant from Bank of the Ozarks and the Federal Home Loan Bank of Dallas (FHLB Dallas) will assist the Fayetteville Housing Authority with much needed repairs to apartments for very low-income residents.

The Fayetteville Housing Authority is using the funds to finish installing energy efficient roofing and central air and heating units to 52 apartments within its Morgan Manor affordable housing complex. The housing authority will also use federal funds for some of the repairs, but needed another source of funding in order to qualify.

"The AHP grant helped us meet the match we needed to qualify for the government stimulus grant," said Fredia Sawin, executive director of the Fayetteville Housing Authority. "The money we got from the federal government only provided 30 of those units with air conditioning. The $52,000 we were given by FHLB Dallas and Bank of the Ozarks will help us complete making all the units in that project energy efficient."

This year FHLB Dallas awarded $18.5 million in AHP grants through its member institutions, including $1.5 million in the state of Arkansas to fund the creation or rehabilitation of 187 housing units. Six AHP grants, totaling nearly $585,000, were awarded through Bank of the Ozarks.

"Bank of the Ozarks appreciates the opportunity to participate in the FHLB Dallas AHP Grant program. We have seen firsthand how much it helps organizations working to produce and maintain affordable housing in Arkansas," said Eric Gustafson, community development officer for Bank of the Ozarks. "We are especially pleased to be working with the Fayetteville Housing Authority to improve affordable housing in Northwest Arkansas."

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 member institutions, such as Bank of the Ozarks. The grants are used to purchase, construct, or rehabilitate single-family, transitional, and multifamily projects for very low- to moderate-income families. A majority of the AHP funding this year – nearly $12 million – was awarded to rental housing projects such as Morgan Manor.

About Bank of the Ozarks

Bank of the Ozarks, Inc. is a bank holding company with $3.2 billion in total assets as of September 30, 2010 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 86 offices in Arkansas, Texas, Georgia, North Carolina, South Carolina, Florida, and Alabama.  The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811.  The Company's website is: http:// www.bankozarks.com .

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 $51.6 billion as of September 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 fhlb.com.

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

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com