updated 2/11/2011 5:46:48 PM ET 2011-02-11T22:46:48

OCEAN SPRINGS, Miss., Feb. 11, 2011 (GLOBE NEWSWIRE) -- The second model home, Ashton, in the Savannah Pines subdivision is complete and Savannah Pines, LLC will host an open house on Saturday, February 12, 2011 for the public and media to tour the new model home along with a full day of family activities.

The Savannah Pines subdivision, located in Ocean Springs, Mississippi, will include 178 newly constructed homes after the first phase of construction. Savannah Pines will offer single-family homes for families of all income levels with varying floor plans containing either three or four bedrooms. The Ashton floor plan is slightly larger than its predecessor, Windsor, with 1,430 square feet of living space. Both models offer sizable living rooms and kitchens, three bedrooms, two bathrooms, and an attached two-car garage. Windsor and Ashton are two of the five floor plans that will be available.

Funding for the development was pooled from multiple sources including the Mississippi Development Authority (MDA), The First: A National Banking Association (The First), and the Federal Home Loan Bank of Dallas (FHLB Dallas). The First and FHLB Dallas awarded a $500,000 Affordable Housing Program (AHP) grant to assist 91 income-qualified, first-time homebuyers with down payment and closing costs on a Savannah Pines home.

Saturday's event will be open from 10:00 a.m. to 3:00 p.m., and will include door prizes, face painting, food, drinks and fun for the whole family. Local lenders and mortgage companies, such as Prime Lending, will be on site to assist with financing for potential clients and future Savannah Pines' homeowners. Savannah Pines will also offer registration for first-time homebuyer courses, and the event will be broadcast by 107.1 FM.  

"This project focuses on the needs of working families living in the Mississippi Gulf Coast region," said Jeff Cely, project coordinator at Savannah Pines, LLC.   "We are committed to providing high quality affordable housing consistent with that objective."

Neighborhood amenities in Savannah Pines will include a playground, swimming pool, walking trails and on-site daycare services. Savannah Pines is located in an award-winning school district where students may attend nearby elementary schools and a brand new high school. It is also conveniently located near retail stores, sand beaches, art and cultural activities, and the historic downtown Ocean Springs. 

Each year, FHLB Dallas returns 10 percent of its profits in the form of AHP grants issued by its member financial institutions, such as The First, to assist in the development of affordable owner-occupied and rental housing for very low- to moderate-income households.  

In 2010, FHLB Dallas awarded $18.5 million in AHP grants through its member institutions to 79 housing projects, which will help create or renovate 2,632 housing units across FHLB Dallas's five-state District of Arkansas, Louisiana, Mississippi, New Mexico, and Texas.  Of the $18.5 million awarded, $6.2 million was allocated to projects in Mississippi which will create or renovate 851 housing units within the state. Since 1990, AHP has assisted more than 38,000 families with their affordable housing needs.

About Savannah Pines

Savannah Pines is the first long-term workforce housing community in Ocean Springs, and strives to assist in the recovery and rebuilding efforts of the Mississippi Gulf Coast since the devastation caused by Hurricane Katrina. Savannah Pines has received grant funding up to $25,000 per home that will assist families in buying down the sales price of our homes in order to maintain affordability for new homeowners.

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

CONTACT: Corporate Communications
         Federal Home Loan Bank of Dallas
         (214) 441-8445

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